iD Fresh Foods, a food product manufacturer, is on an expansion strategy aimed at doubling business in three years. Their plans involve diversifying their product portfolio, including the launch of condiments, expanding existing verticals, and entering new markets such as the United States and Singapore.
“We are planning to expand into Singapore and the US within the next eighteen months. In Singapore, our focus is also on establishing our manufacturing model,” stated Rajat Diwaker, CEO (India), iD Fresh Foods in an exclusive interview with businessline.
- Also read: iD Fresh Food expands to newer markets
Multi-faceted expansion
The expansion plans of iD Fresh Foods include setting up new plants in Tamil Nadu, Andhra Pradesh, Kerala, and West Bengal. They are also venturing into new product categories, notably the condiments segment, where they aim to offer both Indian and Western-style condiments under their label. This new product line is currently in the early stages of both planning and manufacturing.
In addition to broadening its product range, iD plans to enter 14 new cities, including Bhopal, Patna, Bhubaneshwar, and Jabalpur, among others. It also aims to enhance its market presence in Saudi Arabia.
Hiring plans
The company, currently employing over 2,000 staff members, intends to increase this number over the next three years in alignment with its geographical expansion plans.
- Also read: iD Fresh Food eyes packaged spices segment
Product additions
Regarding product additions, the company is preparing to introduce new products in the bread category and debut its iD brand chutneys in Delhi, Mumbai, Chennai, and Hyderabad.
Recently, iD Fresh Foods announced the upcoming launch of its packaged spice category, expected to hit the market in August. The highly unorganised spice market has loose spice packets and packaged spices being sold. The loose spice market leads. The bigger the market, the bigger the opportunity, said Rajat. We intend to cater to consumers who use loose spices. The iD packaged spices have incorporated a QR code that consumers can scan to learn more about the pesticide and quality tests, certifying the batch as pesticide-free. “This ensures credibility and safety for consumers,” says Rajat.
The fresh food manufacturer concluded the previous year with ₹554 crore in revenue and a high single-digit EBITDA. It is currently on track to meet its ₹700 crore revenue target and achieve double-digit EBITDA.