iD Fresh Food on Thursday announced its seventh round of employee stock option plan (ESOP) tranche worth Rs 46 crore for 27 of its employees.
The ready-to-cook packaged food company said since 2016, it has granted around Rs 300 crore worth of ESOPs to its staff across functions. So far, 54% of the total ESOPs offered have gone to the junior management, it added.
“Our latest ESOP grant is a small effort to thank employees for their valuable contributions. In the coming months, we are excited to augment our 2,000+ workforce as we explore new markets…Our aspiration is to help create a minimum of 100 crorepatis in the next three years by offering high-value shares at Rs 10 each and attract best talent from the market and retain/reward the existing ones,” co-founder and CEO Musthafa said.
iD Fresh Food sells various types of dosa and idli batter, along with several other Indian breads. It was founded in 2005 in Bengaluru by five cousins – PC Musthafa, Abdul Nazer, Shamsudeen TK, Jafar TK, and Noushad TA.
In January 2022, the company raised Rs 507 crore in its Series D round from Premji Invest, NewQuest Capital Partners and others. The company wants to expand to new markets and build additional capacity, while also experiment with other products.
Its products retail in more than 30,000 offline outlets across India, the UAE and the US. iD clocked a revenue of over Rs 500 crore in financial year 2021-22.