HyFun Foods targets ₹2,000 crore IPO by 2028 on rising demand

HyFun Foods, a key supplier to McDonald's and KFC, is planning a ₹2,000 crore ($207.7 million) IPO by late 2028. The frozen-foods company's CEO, Haresh Karamchandani, announced the move, citing rising demand from restaurants, retailers, and quick-delivery platforms. Preparations for the initial public offering are set to begin in mid-2027, with proceeds aimed at funding expansion and increasing focus on the domestic market.

Frozen foods like French fries, pizzas, and dumplings are becoming more popular in India as consumers seek convenience. Karamchandani noted that the industry is shifting from fresh to frozen foods. Currently, exports make up about three-fourths of HyFun's revenue, but this is expected to drop to half within five years as local demand grows.

HyFun expects its revenue to more than double to nearly ₹3,500 crore by fiscal year 2028. This growth is driven by capacity expansion and increasing demand from regional restaurant chains, hotels, and retail customers. Global restaurant chains currently contribute 40% of HyFun's domestic revenue, but this share is expected to fall to around 30% over the next two years.

The company's clients include Indian coffee chain Blue Tokai, PVR Cinemas, and Wow Chicken. The broader food services industry in India is projected to grow to $150 billion by the end of the decade, up from about $90 billion, according to Redseer Strategy Consultants.