Bengaluru-based packaged food startup iD Fresh achieved profitability in FY24, reporting a net profit of Rs 4.56 crore, according to filings with the Registrar of Companies.
This marks a turnaround for the startup, which posted a net loss of Rs 32.8 crore in FY23.
Revenue growth
iD Fresh reported an operating income of Rs 557.84 crore in FY24, an increase of 16.3% compared to Rs 479.29 crore it earned in the previous fiscal year.
The revenue growth reflects the brand’s growing presence in the market, especially in its core product categories such as ready-to-cook batters and frozen foods. However, this revenue growth was accompanied by an 8% increase in total expenses, which reached Rs 558.2 million.
Higher material costs, employee benefits and additional expenses related to advertising and marketing drove the cost increase.
Product Segment Performance
iD Fresh’s ready-to-cook doughs, which is its largest product segment, witnessed a 24% year-on-year growth in sales, reaching Rs 237 crore.
The company’s second largest segment, parotta, also saw a 10% increase in sales, reaching Rs 183 crore.
Expansion into the spice market
To diversify its product offering, iD Fresh recently announced its entry into the spice market. The startup launched three new products (red chilli powder, garam masala and sambar powder) as part of its strategy to expand its portfolio and attract more customers.
It also plans to strengthen its presence in northern India, where it currently has limited market penetration.
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