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Blue Ashva Exits iD Fresh Food Via A ₹50 Cr Secondary Transaction

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Blue Ashva Exits iD Fresh Food Via A ₹50 Cr Secondary Transaction

D2C startup iD Fresh Food’s early backer Blue Ashva Capital has exited the startup’s cap table, offloading its entire stake for ₹50 Cr in a secondary transaction. 

Upsurge India, Triumph Global Fund and White Whale Ventures co-led the secondary deal in the ready-to-cook fresh food products seller. 

Approximately 1% equity in iD Fresh changed hands in the secondary transaction. 

Upsurge India claims to have originated and led the transaction, negotiating the commercial terms alongside the co-leads. It also says that it secured Blue Ashva Capital’s entire shareholding block despite competing interest from other institutional buyers. 

For Blue Ashva Capital, the exit aids in providing the liquidity for its first-vintage fund, allowing the early investor to realise their investment. Exiting the RTC brand, the firm plans to now double down on making bets in deeptech innovations. 

Satya Bansal, founder and CEO of Blue Ashva Capital, said the firm’s original investment thesis was based on iD Fresh’s preservative-free food proposition, semi-fermented batter technology and direct-to-retail distribution network.

For context, iD Fresh started with fresh idli and dosa batter and has since expanded its portfolio to include Indian breads, chutneys, sambar and select value-added dairy products. The company has built its business around fresh, preservative-free and RTC Indian food products, supported by manufacturing capabilities and a refrigerated distribution network. The company claims to have a 60-65% market share in its domain across India and the Gulf region.

On the financial front, iD Fresh’s revenue increased from approximately ₹558 Cr in FY24 to ₹681 Cr in FY25, before crossing ₹870 Cr in FY26, according to transaction inputs.


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