Wednesday, May 22, 2024
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iD Fresh Food appoints Rajat Diwaker as India CEO; PC Musthafa assumes Global CEO role

iD Fresh Food, a company specializing in ready-to-cook packaged foods, recently announced the appointment of Rajat Diwaker as the India CEO and PC Musthafa as the Global CEO. This move aims to enhance the company’s leadership team both domestically and globally, according to a media release on Friday.

Rajat Diwaker, a seasoned professional with over 20 years of experience in the FMCG industry, has taken on the role of India CEO. In his previous position, he held the position of managing director at Marico Bangladesh and currently serves as a director on the board of Foreign Investors’ Chamber of Commerce and Industry (FICCI) in Bangladesh.

Moving forward, Musthafa will retain his role as the chairman of the board of directors. In this capacity, he will oversee global expansions, develop food-tech capabilities, pursue strategic acquisitions, foster an inspiring organizational culture, and spearhead innovative initiatives for iD Fresh’s global market presence.

As a part of its growth strategy, iD Fresh will assign dedicated Business Heads and CEOs for each international market. The company is actively recruiting a CEO for its US operations. Currently, more than a third of its revenues come from outside India.

In the year 2024, the company has ambitious plans to venture into new markets, including Singapore and Australia. Simultaneously, it aims to broaden its presence in the markets where it is already operating.

Commenting on the latest development, PC Musthafa, Global CEO of iD Fresh Food, said, “I am delighted to welcome Rajat Diwaker to the iD Fresh family. Under his able and forward-looking leadership, I’m confident that we will scale new heights and win more hearts in the years to come. And as we embark on new adventures, I am thrilled to lead the brand into new global markets, driven by the incessant consumer love that we have garnered over the years.”

This announcement from the company coincides with a surge in consumer demand for fresh and healthy foods, along with significant opportunities for expansion in international markets. Capitalizing on this growth trend, the company intends to initiate an Initial Public Offering (IPO) within the next three to four years.

Recently, the company appointed Megha Latawa as the Chief Human Resources Officer (CHRO) for both India and international markets. Additionally, Enakshi Dasgupta has taken on the role of Head of New Business and New Product Development (NPD). These strategic appointments underscore the company’s commitment to robust leadership as it accelerates its global growth plans. The focus remains on building a strong foundation for a promising future in the competitive market.

In 2022, the company successfully secured Rs 507 crore in a Series D round of funding, marking one of the most substantial deals in the food start-up landscape. This funding round was spearheaded by a prominent global private equity firm specializing in the Asia-Pacific region in collaboration with the existing investor, Premji Invest.

Founded in 2005, the company has expanded its reach to over 45 cities in India, the United States, and the United Arab Emirates. Its workforce comprises over 1500 employees, demonstrating a robust and extensive presence in key markets.

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