A family business that began trading potatoes and onions in Gujarat more than six decades ago has evolved into a major frozen food manufacturer. HyFun Foods, founded by Haresh Karamchandani in 2015, reported revenue of more than ₹1,500 crore in FY25, marking its transformation from agricultural trading to food processing, exports and retail.
From Potato Trading to Food Manufacturing
HyFun’s roots go back to 1962, when Asandas Karamchandani started trading potatoes and onions through the family business, Asandas & Sons, in Mehsana, Gujarat. Subsequent generations expanded the business before Haresh Karamchandani identified an opportunity to move into potato processing around 2010.
The company began commercial production in December 2015, manufacturing frozen French fries, potato wedges, burger patties and other potato-based products. The shift required investment in processing facilities, cold-chain logistics, quality control and large-scale supply operations.
Supplying Global Restaurant Chains
HyFun built its business by supplying restaurants and foodservice companies that require consistent volumes of frozen potato products. Its reported customer network includes Burger King, KFC, Pizza Hut, Subway and Taco Bell, alongside other international restaurant brands.
The company exports to more than 40 countries, giving it a presence in overseas markets. Its growth reflects the role of large institutional customers in helping Indian food manufacturers scale production and establish international supply relationships.
Revenue Growth and Expansion Plans
HyFun’s revenue rose from approximately ₹324 crore in FY20 to around ₹1,567 crore in FY25, according to data cited by Moneycontrol. However, its net profit declined from approximately ₹159 crore in FY24 to around ₹60 crore in FY25, highlighting the difference between revenue growth and profitability.
In 2024, the company announced plans to invest around ₹850 crore in three potato-processing plants in Gujarat. Through its HyFarm agribusiness arm, it is also expanding potato procurement beyond Gujarat into Madhya Pradesh and Uttar Pradesh. The company has outlined an ambition to increase procurement from approximately 400,000 tonnes towards one million tonnes by 2028.
Targeting India’s Frozen Food Market
After building its business-to-business operations, HyFun is expanding into retail and online channels to reach consumers directly. Its strategy comes amid rising demand for convenient frozen foods and growth in quick-commerce platforms.
Reuters reported in October 2026 that HyFun plans to raise up to ₹2,000 crore through an initial public offering by late 2028, with preparations expected to begin in mid-2027. The company aims to use the proposed IPO to fund capacity expansion and strengthen its domestic business.
HyFun’s journey illustrates how a traditional agricultural trading business can move up the value chain through food processing, manufacturing and exports. Its next phase will depend on expanding capacity, securing raw materials and growing its presence in India’s evolving frozen food market.
