Companies

ID Fresh reinvents coconut, targets ₹150-cr biz

Suresh P Iyengar Mumbai | Updated on February 17, 2020 Published on February 17, 2020

Mustafa PC, CEO and co-founder, ID Fresh Food. File Photo

ID Fresh Food is in the process of introducing ‘seven wonders’ in the food category, with no preservatives.

For starters, it has launched ‘Smart Sip Tender Coconut’ and ‘iD Grated Coconut’ that will be packed in the coconut shell itself. The company plans to come up with one or two new innovative products every quarter this year.

Open and sip

The company has sought to reduce the weight of the coconut from 3-4 kg to 400-500 gram by removing the tough coir on the exterior. Priced at ₹60 a piece, the tender coconut can be opened by just a hard-press on the slit provided on top. Mounted atop cardboard, it comes with information on water content, pulp, sweetness level and edible quantity.

Similarly, grated coconut is packed in the coconut shell itself with a soft opening on top, and can be emptied easily on to a vessel.

Roping in roadside vendors

Mustafa PC, CEO and co-founder, ID Fresh Food, told BusinessLine that both the products have been launched in Bengaluru and will hit other key markets in Mumbai, Kerala, Tamil Nadu and Andhra Pradesh by April.

The tender coconut market in India is valued at about ₹4,000 crore and is growing at a compounded annual growth rate of 10 per cent, while the grated coconut market is about ₹150 crore.

In the first phase, the company will sell the products through organised retail stores and rope in the roadside coconut vendors.

“We will assure buyback of the empty coconut shell to enhance vendor margins. The target is to achieve ₹100 crore in the next three years from the coconut business,” said Mustafa, who ventured into food business with an IT background.

The company’s innovations are centred around convenience to consumers without taking away the credit of delivering good food from home-makers, he said.

From taking on unbranded idly-dosa batter iD Fresh has come a long way, bringing together traditional vada making and modern technology with its patented, squeeze-and-fry packaging design for the vada batter, which was presented as a case study at Harvard Business School.

The debt-free company is funded by Azim Premji-led Premji Invest and Helion Venture Partners.

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Published on February 17, 2020
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