Company ID FRESH FOOD (INDIA) PVT. LTD.
Value Proposition High-quality, 100% natural, fresh,ready-to-cook food
Revenue Rs 100 Crores
Funding
- Rs 3 crores (approx. $450,000) from Sequoia in 2013
- Rs 35 crores (approx. $5.2 million) from Helion Ventures
Team Size 800
Customer Base Sells products in 8 cities across two countries
Growth 10X every four years; More than 60% growth in 2015
Founder and CEO Musthafa PC
iD Fresh Food, the ready-to-eat food company founded by IIM-B alum PC Musthafa (42) and his four cousins 10 years ago, is installing unmanned shop in Bengaluru with its iD Trust Shop, where you can pick the product and pay later if you don’t have a money .
The firm is installing visi-coolers at residential complexes, software parks and corporate offices. There is no salesman or ever watchful cameras. You can pick products like idli-dosa batter, wheat parathas and chapatis, and drop the money at the box placed there.
You have to pay small amount of the product during purchasing and rest will pay later, company said.
The company will replenish the shop on a daily basis.
“We have installed 17 Trust Shops in Bengaluru, and will be launching them in Hyderabad, Chennai and Mumbai in about a week,” said Musthafa.
The Trust Shop, Musthafa said, was born out of positive stories the team hears every day. “For us, this is a larger-than-life project. If we are able to remind, at least a few, on the positive value of trust, we have achieved the purpose.”
“They are probably one of the pioneers,” commented YLR Moorthy, the professor of marketing at IIMB. “This would probably be a scalable model, but one should move with caution, and expand slowly based on pro-gress. Trust equations could be different in different cities.”
The firm is not patenting the idea and keeping it open to prod other brands to emulate and create trust movement. “Our experience in the past four weeks has been encouraging,” said Mithun Appaiah, Vice President, Sales & Marketing. “In some apartments, the collection is as high as 90% and on some days it is over 100%.”
iD Fresh, backed by Helion Ventures, claimed to have crossed Rs 100 crore in revenues last fiscal, and is targeting Rs 250 crore in 2016-17. The firm producing 50,000 packets a day with 1,100 employees in 10 years Journey.’