Food firm iD Fresh grants ESOP, says it aims to create '100 crorepatis'

iD Fresh said it aims to create 100 millionaires in the next three years by offering employees high-value shares (ESOPS)

iD Fresh Food, the ready-to-cook product company backed by billionaire Azim Premji, said on Thursday it has rolled out its seventh round of employee stock option plan (ESOP) for 27 staffers.

The firm said it aims to create "100 crorepatis" (millionaires) in the next three years by offering employees high-value shares. The round is worth Rs 46 crore and the company has granted around Rs 300 crore worth ESOPs to employees across functions since 2016.

“Today, as we expand our global footprint, we are grateful to our long-serving employees who have stood by us through thick and thin,” said PC Musthafa, co-founder and CEO, iD Fresh Food. “During the tough times, our salary payments were delayed by six months, nevertheless, our committed team continued to support us during those days.”

The firm has a workforce of over 2,000 and plans to expand to the US and UK. Over 80 per cent of its employees are from rural India. “Our aspiration is to help create a minimum of 100 crorepatis (millionaires) in the next 3 years by offering high-value shares at Rs 10/share,” said Musthafa.

The firm said 54 per cent of the ESOPs offered to date are to the junior management. Two of the recipients of the current round serve the company as a driver and a helper.

In January 2022, iD Fresh Food raised Rs 507 crore in a Series D funding round from existing and new investors. The focus now is on product innovation, expanding to new markets, and building additional capacity to cater to the growing demand.

The firm was founded in 2005 by five cousins from a small kitchen in Tippasandra in Bengaluru. It now retails to more than 30,000 offline outlets across India, UAE, and the US, clocking Rs 500 crore as revenue in FY 2021-22.