HyFun Foods, a supplier to McDonald’s and KFC, plans to raise up to ₹2,000 crore through an initial public offering (IPO) by late 2028, as the frozen food maker looks to benefit from rising demand from restaurants, retailers and quick-commerce platforms.
The company expects to begin preparations for the IPO by mid-2027, CEO Haresh Karamchandani said. The IPO is expected to consist mainly of fresh shares, with the proceeds being used to expand production capacity and strengthen the company’s focus on the Indian market.
Demand for frozen foods such as French fries, pizzas and dumplings is growing in India as consumers increasingly seek convenient food options. The rise of quick-commerce platforms is also helping drive demand, even as Indian households have traditionally preferred freshly prepared food.
Karamchandani said the industry is moving towards a shift from fresh food to frozen products.
HyFun currently generates around three-fourths of its revenue from exports to more than 40 countries. However, the company expects the export share to decline to about half of its revenue over the next five years as demand in India increases.
India’s food services industry is expected to grow to around $150 billion by the end of the decade from approximately $90 billion currently, supported by the expansion of restaurant chains, according to Redseer Strategy Consultants.
HyFun expects its revenue to more than double to nearly ₹3,500 crore by fiscal 2028. The growth is expected to come from increased production capacity, regional restaurant chains, hotels and retail sales.
Global restaurant chains currently account for about 40% of HyFun’s domestic revenue. The company expects this share to fall to around 30% over the next two years as it expands sales to local customers.
HyFun’s customers in India include coffee chain Blue Tokai, PVR Cinemas and Wow Chicken, as the company looks to strengthen its presence in the growing domestic frozen food market.
