{"id":5652,"date":"2019-02-11T12:33:00","date_gmt":"2019-02-11T12:33:00","guid":{"rendered":"https:\/\/www.thirdeyesight.in\/?p=5652"},"modified":"2022-11-11T12:42:42","modified_gmt":"2022-11-11T12:42:42","slug":"premji-backed-id-fresh-food-bets-big-on-its-coffee-decoction-biz","status":"publish","type":"post","link":"https:\/\/myechoproject.com\/TES\/premji-backed-id-fresh-food-bets-big-on-its-coffee-decoction-biz\/","title":{"rendered":"Premji-backed iD Fresh Food bets big on its coffee decoction biz"},"content":{"rendered":"\n<p>Written By Deepti Govind<\/p>\n\n<div class=\"row\"><div class=\"col-sm-6\">\n<img decoding=\"async\" data-src=\"https:\/\/www.thirdeyesight.in\/wp-content\/uploads\/2022\/11\/5eb1d526-2d2c-11e9-a815-a97cad28e684_1549824823317_1549824932934.webp\" class=\"img-fluid lazyload\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\">\n<p>P.C. Musthafa, CEO, iD Fresh Food India Pvt. Ltd. (Jithendra M\/ Mint)<\/p>\n<\/div>\n<div class=\"col-sm-6\">\n<p>\nBENGALURU : Azim Premji-funded iD Fresh Food India Pvt. Ltd has an ambitious plan. The company\u2019s founder and chief executive, P.C. Musthafa, believes his newly-launched coffee decoction business has the potential to grow to \u20b9100 crore in a year.\n<\/p>\n<p>The company, which test-marketed the coffee decoction products in the last three months of 2018, expects the business to generate about  <span class=\"webrupee\">\u20b9<\/span>2.5 crore in revenue in February itself.<\/p>                  \t\t\n<p>\u201cWe\u2019re getting good feedback. The products are getting sold out on almost the same day; the travel pack especially is doing wonders for us. We got the product and the packaging right,&#8221; said Musthafa in an interview. He added that launching a  <span class=\"webrupee\">\u20b9<\/span>10 travel sachet pack was the \u201cright decision&#8221;.<\/p>\n<\/div><\/div>\n\n      <p>The company began operations in 2006 as a small store in Bengaluru selling fresh, branded, good quality idli and dosa batter. It is following the same strategy with coffee too. Rather than giving consumers a ready-to-use powder, it is retaining the freshness of its coffee by wet-grinding beans into a decoction.<\/p><p>   About 8-9 months ago, the company had also launched vada batter in a pack that allowed consumers to make traditional doughnut-like South Indian vadas with ease. That has not been performing as well as expected due to supply chain issues, Musthafa said, adding that he is working to rectify the issue.<\/p>                      <p>   iD, according to Musthafa, used more than  <span class=\"webrupee\">\u20b9<\/span>100 crore of the  <span class=\"webrupee\">\u20b9<\/span>150 crore that it raised from PremjiInvest, the family office of Wipro chairman Azim Premji, in March 2017 to expand production capacity. While it currently has the capacity to make 1.3-1.4 million idlis per day, with the expansion, that number will go up to 4-5 million a day.<\/p>                      <p>   As for coffee, the company\u2019s decoction has been test-marketed in 2,000-2,500 outlets across the country so far. Its overall distribution reach across products is around 10,000 outlets. Musthafa plans to launch all the company\u2019s products in Delhi, Kolkata and Gujarat and also plans to introduce its decoction in some international markets.<\/p><p>   The startup\u2019s other new products include vada batter and an expanded superfoods range. This, along with geographical expansion, is expected to help the startup\u2019s revenue to grow 45% in 2019-20, according to Musthafa.<\/p>         \n<p>   He expects overall revenue to grow between 19% and 25% in the current 2018-19 financial year to around Rs220 crore.<\/p>                      <p>   But are the expectations too lofty? Devangshu Dutta, CEO of retail consultancy Third Eyesight, believes there are a bunch of people today who are not able to brew their own coffee\u2014whether it is for lack of time, good raw materials or the know-how.<\/p>                      <p>   He concludes, \u201cThe challenge is of ensuring freshness and penetrating deeply. iD has the capability to penetrate fairly deep, and they\u2019ve built up a reputation and a momentum for their products in the market. Based on the platform that they\u2019ve built, it is not an unthinkable target.&#8221;<\/p>\n\n<p>Source: <a href=\"https:\/\/www.livemint.com\/companies\/start-ups\/premji-backed-id-fresh-food-bets-big-on-its-coffee-decoction-biz-1549824824715.html\" target=\"_blank\" rel=\"noopener\">livemint<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Written By Deepti Govind P.C. Musthafa, CEO, iD Fresh Food India Pvt. Ltd. (Jithendra M\/ Mint) BENGALURU : Azim Premji-funded iD Fresh Food India Pvt. Ltd has an ambitious plan. The company\u2019s founder and chief executive, P.C. Musthafa, believes his newly-launched coffee decoction business has the potential to grow to \u20b9100 crore in a year. [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"content-type":"","footnotes":""},"categories":[3],"tags":[],"class_list":["post-5652","post","type-post","status-publish","format-standard","hentry","category-press-quotes"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.3 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Premji-backed iD Fresh Food bets big on its coffee decoction biz - Third Eyesight<\/title>\n<meta name=\"robots\" content=\"index,follow\" \/>\n<link rel=\"canonical\" href=\"https:\/\/myechoproject.com\/TES\/premji-backed-id-fresh-food-bets-big-on-its-coffee-decoction-biz\/\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Premji-backed iD Fresh Food bets big on its coffee decoction biz - Third Eyesight\" \/>\n<meta property=\"og:description\" content=\"Written By Deepti Govind P.C. Musthafa, CEO, iD Fresh Food India Pvt. Ltd. (Jithendra M\/ Mint) BENGALURU : Azim Premji-funded iD Fresh Food India Pvt. Ltd has an ambitious plan. The company\u2019s founder and chief executive, P.C. Musthafa, believes his newly-launched coffee decoction business has the potential to grow to \u20b9100 crore in a year. 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