HyFun Foods, a supplier for McDonald's and KFC, intends to conduct an Initial Public Offering (IPO) to raise up to 200 billion rupees (equivalent to 207.7 million US dollars) by the end of 2028. This decision is based on the projected growth in demand from restaurants, retailers, and quick delivery platforms.
Harish Karamchandani stated in an interview that the Indian firm plans to begin preparations for the IPO in mid-2027. This offering, which will consist mainly of new shares, will serve as a source of funding for the company's expansion, as HyFun increases production capacity and strengthens its focus on the domestic market.
Frozen food popularity, such as french fries, pizza, and dumplings, is growing in India as consumers seek convenience amid the boom in fast e-commerce. Traditionally, households in the world's most populous country preferred freshly prepared ready-to-eat meals.
Karamchandani noted that the industry is on the verge of shifting from fresh to frozen products. Although currently about three-quarters of HyFun's revenue comes from exports to over 40 countries, Karamchandani expects this share to decrease to about half within five years as local demand grows.
According to Redseer Strategy Consultants, the Indian foodservice industry is expected to grow from approximately $90 billion to $150 billion by the end of the decade, driven by the expansion of restaurant chains.
HyFun forecasts doubling its revenue to nearly 350 billion rupees by the 2028 fiscal year. This growth will be driven by increased capacity and demand from regional restaurant chains, hotels, and retail trade. Currently, global restaurant chains account for about 40% of HyFun's domestic revenue, but this share is expected to decrease to about 30% within the next two years as the company strengthens local sales.
HyFun's clients include the Indian coffee chain Blue Tokai, PVR Cinemas, and Wow Chicken.