iFresh

#7295

Rank

$288.82K

MarketCap US

US United States

Country

Summary
iFresh Inc., through its subsidiaries, operates a network of grocery supermarket chains in the north-eastern United States. It operates through Wholesale and Retail segments. The company provides vegetables, seafood, meat, fruits, snacks, seasonings, and spices, such as peanut oil, cooking wine, vinegar, dark soy sauce, black bean sauce, pepper oil, and chilly oil; tea, condiments, canned goods, flour products, marine food products, candies groceries, traditional Chinese medicine, health products, and dried food; rice and rice products; assortment of noodles, frozen vegetables, frozen dumplings, frozen seafood products, and aquatic products; and cooking utensils. Its brand portfolio includes Family Elephant, Feiyan, Green Acre, Golden Smell, Redolent, and I FRESH. The company also distributes its products to wholesale stores, retail supermarkets, and restaurants. As of August 10, 2020, it operated nine retail supermarkets and two in-house wholesale businesses. The company offers its products through online sales channels and delivery network in suburban areas. iFresh Inc. was founded in 1995 and is headquartered in Long Island City, New York.

History

The company was established with the capital of ?50,000 by Mustafa. Mustafa holds 50 percent share in the company, and his four cousins hold the rest. The company has supplied ten packets of one-kilogram batter to 20 stores in Bengaluru under the brand name ‘ID’ – operating from a 550 square feet space with two grinders, a mixer, and a sealing machine.The company made a profit from day one. Soon, Mustafa invested INR 6 lakh more to add more machines. At the same time, They also moved to a bigger space of 800 sq ft.

As the demand for their product increased, Mustafa invested another Rs 40 lakh in 2008 and bought a 2,500 square feet shed in the Hoskote Industrial Area at Bangalore. In 2009, he sold his property in Kerala that he had purchased while working in Dubai and pumped in an additional Rs 30 lakh into the business.

In two years, the company was making 2000 Kg of batter daily. And also, the number of stores partnered with them was increased to 300.In 2014, ID Fresh foods raised Rs 35 crore in the first round of funding from Helion Venture Partners. In 2016, ID Fresh foods manufacture around 50,000 kg of batter daily from their units across the country and one in Dubai, which converts into a million idlis.


Mission
Provide fresh foods with high quality and exceed customer expectations in offering and service.

Vision
Create a one-stop fresh foods and lifestyle supermarket.

Key Team

Mr. Richard Xu (VP of Investor Relations)

Mr. Bert Weil CPA (Co-Chief Restructuring Officer)

Ms. Marjorie E. Kaufman (Co-Chief Restructuring Officer)


Recognition and Awards
2015 Top 100 Chinese Companies listed in the US, 2016 Deloitte Top 50 Chinese listed companies in the US

References
iFresh
Leadership team

Ms. Ping Zhou (CEO, COO & Chairman)

Ms. Sufen Qin (CFO & Director)

Ms. Shawn Ren (Admin. Mang.)

Products/ Services
Agriculture, E-Commerce, Food and Beverage, Retail
Number of Employees
100 - 500
Headquarters
Long Island City, New York, United States
Established
1995
Company Registration
SEC CIK number: 0001681941
Revenue
20M - 100M
Traded as
IFMK
Social Media
Fri Mar 01 2024
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