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. This represents annual growth of over 25% in FY26. The company is estimated to be growing at 25-30% annually, the release added.

The latest secondary transaction follows another significant change in iD Fresh’s shareholding structure earlier this year, when private equity firm Apax acquired a significant minority stake in the company. The January 2026 transaction was widely reported to be worth approximately ₹1,500 Cr, at an implied valuation of around ₹4,400 Cr. The deal also provided partial exits to existing investors Premji Invest and TPG NewQuest.

The investment marked a major institutional capital event for the fresh-food company.

In conversation with Inc42 last year, the brand’s India CEO Rajat Diwaker shared its target to touch an operating revenue of ₹1,100-1,200 Cr by FY27. It will also gearing up to become IPO-ready in the fiscal along with a pre-IPO secondary sale worth about ₹1,200 Cr. 

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