HyFun Foods, a supplier to McDonald's and KFC, plans to raise up to ₹2,000 crore ($207.7 million) through an initial public offering by late 2028, the company's CEO Haresh Karamchandani said. The frozen-food maker aims to start IPO preparations by mid-2027, with the proceeds primarily funding capacity expansion and a stronger focus on the domestic Indian market, according to thehindubusinessline.com.
Karamchandani highlighted the growing demand for frozen foods like French fries, pizzas, and dumplings in India, driven by the rise of quick-commerce and changing consumer preferences. While exports to over 40 countries currently make up about 75% of HyFun's revenue, the company expects this to decline to roughly 50% within five years as local demand increases. The IPO will mainly consist of new shares to support these growth plans.
The move comes amid a broader shift in India's food consumption patterns, with frozen foods gaining traction over traditionally preferred freshly cooked meals. India's food services industry is projected to grow from $90 billion to $150 billion by 2030, supported by the expansion of restaurant chains and quick-delivery platforms, per Redseer Strategy Consultants. HyFun aims to capitalize on this trend by more than doubling its revenue to nearly ₹3,500 crore.
HyFun Foods' IPO preparation timeline targets mid-2027 for commencement, with the public offering expected to close by late 2028, marking a significant step in the company's strategy to capture the growing frozen-food market in India.