Bengaluru-based ready-to-cook products maker iD Fresh Food has appointed FMCG major Marico’s ex-senior executive Rajat Diwaker as its new India chief executive officer (CEO).
Meanwhile, cofounder PC Musthafa will take over the role of the startup’s global CEO. He will continue to serve as the chairman of the board of directors.
Under his leadership, iD Fresh plans to enter new markets, such as Singapore and Australia, while expanding its footprint in existing markets.
Musthafa will also be responsible for building food-tech capabilities, strategic acquisitions and driving new products for the global market, the startup said in a statement.
Commenting on his appointment, Diwaker said, “My focus will be on accelerating innovation, portfolio expansion, widening distribution and expanding manufacturing footprint; thereby creating more value and impact on consumers, team members and shareholders alike.”
Diwaker has spent a majority of his two decade long career working for FMCG giants. He joined
Marico as the division head for the southern market in 2019 and was later elevated to his last role as the MD of Marico Bangladesh. Earlier, he worked with PepsiCo.
Diwaker is also a director on the board of Foreign Investors’ Chamber of Commerce and Industry (FICCI) Bangladesh.
Founded in 2005 by Musthafa, Abdul Nazeer, Shamsudeen TK, Jafar, and Noushad TA, iD Fresh sells packaged ready-to-cook and frozen food products across India. Its products are also available in the US, the UK, the UAE, among other countries outside India.
At the end of October 2023, the company sold its flagship idli and dosa batter, along with its other product range, across 30,000 retail stores. The startup claims that a third of its total business comes from the international market, with the UAE accounting for the largest share outside India.
Meanwhile, the startup plans to appoint business heads and CEOs for each international market to further grow business and operations outside India. iD Fresh said it is currently in the process of hiring a CEO for the US market.
The startup last raised $68 Mn in its Series D funding round, led by NewQuest Capital Partner and Premji Invest, in January 2022.
iD Fresh’s net loss declined 53% year-on-year (YoY) to INR 328.8 Cr in FY23 even as its operating revenue jumped 26% YoY to INR 479.2 Cr during the year under review.
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