Stake saleCommerce & Consumer Brands
Upsurge India buys iD Fresh stake from Blue Ashva
By Abha Lohia · Editor ·
iD Fresh: revenue, valuation and funding and every story →
SecondaryBengaluruFounded 2005
- ID Fresh Food makes preservative-free, ready-to-cook Indian items such as idli and dosa batter, and its yearly revenue passed ₹870 crore in FY26
- Upsurge India led a secondary deal worth over ₹50 crore for about 1% of the company, letting early backer Blue Ashva Capital leave entirely
- TG Fund and WW Ventures joined as co-leads; buyers wanted more shares than were available, since the company's equity is tightly held
What happened
- Upsurge India led a secondary deal of over ₹50 crore.
- The block is about 1% equity of iD Fresh Food.
- Blue Ashva Capital sold its whole stake.
- TG Fund and WW Ventures co-led the buy.
- BlueCheck Advisors advised on the deal.
Why it matters
- Private shares in the company are scarce, so demand beat supply.
- The block is a large part of the roughly 3% of equity on offer in the secondary market.
- Revenue crossed ₹870 crore in FY26.
The business
- iD Fresh Food was founded in Bengaluru in 2005.
- It sells fresh, preservative-free, ready-to-cook Indian foods.
- It began with idli and dosa batter.
The founders
PM
PC Musthafa
Co-founderWho put in money
- Upsurge India Lead buyer — Investment and asset manager for public and private markets
- Blue Ashva Capital Exiting early investor
- TG Fund Co-lead
- WW Ventures Co-lead
In numbers
₹870 Cr+Revenue · FY26
The numbers around it
iD Fresh has 1 funding rounds in StopDown's archive.
| When | Round | Amount | Led by |
|---|---|---|---|
| 5 January 2026 | growth | ₹1,300 Cr | Apax Partners |
Commerce & Consumer Brands in November 2026: 7 rounds with a disclosed amount, $119 million in all; the biggest was GIVA ($100M+). Every sector this year →
Other articles talking about it
Terms in this story
- Secondary sale: A secondary sale is when existing shareholders sell shares to someone else, so the money goes to the sellers and not to the company. It lets founders, early investors and employees get cash without an IPO or acquisition, and gains on unlisted shares held over 24 months are taxed at 12.5%.
- Financial year: An Indian financial year runs from 1 April to 31 March, and it is named after the year it ends. FY26 means April 2025 to March 2026. Startup results for a year arrive months after it closes, so a November 2026 story may still be about FY25.
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