iD Fresh Food announces seventh round of ESOP worth Rs46 crore

8 Jul 2022 , 01:36 PM

On Thursday, iD Fresh Food announced the seventh round of its employee stock option plan (ESOP) tranche. The company has estimated a total cost of Rs46 crore for 27 employees.

Since 2016, it has granted around Rs300 crore worth of ESOPs to its staff across functions. The company has disbursed about 54% of the total issue to the junior management.

Our most recent ESOP grant is a small gesture to express gratitude to employees for their invaluable contributions. We are excited to expand our 2,000+ workforce in the coming months as we explore new markets. Our goal is to help create a minimum of 100 crorepatis in the next three years by offering high-value shares at Rs10 each, attracting the best talent from the market, and retaining/rewarding the existing ones,” commented co-founder and CEO Musthafa.

iD Fresh Food sells a variety of Dosa and Idli batters, as well as a variety of other Indian breads. PC Musthafa, Abdul Nazer, Shamsudeen TK, Jafar TK, and Noushad TA founded it in 2005 in Bengaluru.

Premji Invest, NewQuest Capital Partners, and others contributed Rs507 crore to the company’s Series D round in January 2022. The company intends to enter new markets and increase capacity, as well as experiment with new products.