bengaluru, Jan. 6 -- Global private equity firm Apax Funds has acquired a significant minority stake in iD Fresh Food, which makes ready-to-cook packaged food items. The investment firm has acquired the stake from existing shareholders Premji Invest and TPG NewQuest, both of which will continue backing the company alongside its co-founder P.C. Musthafa, and his cousins, the companies said in a statement on Monday. The financial terms of the transaction were not disclosed. Mint first reported in November on Apax's interest to invest in iD Fresh. The report highlighted that the private equity firm, among others, is in talks to buy roughly 30% stake for about Rs.1,200 crore in the company. The deal was expected to value the overall asset between Rs.4,000 and Rs.4,500 crore. The latest investment will support iD's next phase of growth in India and internationally, said Rohan Haldea, partner, Apax. "Apax Funds' investment will allow us to accelerate growth, build capacity, broaden our product range, and scale into more cities and markets," said Musthafa. This comes at a time when the ready-to-eat market remains difficult to crack, amid intensifying competition and India's strong preference for fresh, home-cooked meals. "We will work closely with the management team and leverage our consumer packaged goods expertise to accelerate growth, including expanding distribution into new cities and channels, strengthening the brand through marketing and category-building, driving innovation in adjacent product categories, and using technology and analytics to optimize the company's fresh, daily-delivered supply chain," said Harjot Dhaliwal, partner and head of India at Apax. Founded in 2005 in Bengaluru, iD Fresh began with the goal of making fresh, preservative-free, traditionally prepared Indian food available on a large scale. From its origins supplying idli/dosa batter to local retailers, the company has a daily, direct-to retailer cold-chain model that enables clean-label fresh products with a refrigerated shelf life of five-seven days....