HyFun Foods Aims for $208 Million IPO to Expand in India

HyFun Foods, a key supplier to global chains like McDonald's and KFC, is planning a major expansion in India with a $208 million IPO by late 2028. The company's CEO, Haresh Karamchandani, revealed that preparations for the initial public offering will begin in mid-2027. The funds raised will support capacity growth and a stronger focus on the domestic market, as frozen foods gain popularity in India.

The shift from fresh to frozen foods is driven by the convenience demanded by quick-commerce platforms and busy consumers. While exports currently make up about three-fourths of HyFun's revenue, the company expects this to drop to half within five years as local demand rises. The Indian food services industry is projected to grow to $150 billion by the end of the decade, up from $90 billion, according to Redseer Strategy Consultants.

HyFun anticipates its revenue will more than double to nearly 35 billion rupees by fiscal year 2028. The company's domestic revenue, currently 40% from global restaurant chains, is expected to see a decline in this share as local sales expand. HyFun's customer base includes prominent names like Blue Tokai, PVR Cinemas, and Wow Chicken.