Frozen food company HyFun Foods, which supplies products to brands such as McDonald’s and KFC, is planning to raise up to Rs 2,000 Cr through an IPO by late 2028.
The company is expected to start preparing for the public issue around mid-2027, according to CEO Haresh Karamchandani.
The IPO is expected to be made largely through a fresh issue of shares. HyFun plans to use the funds to increase its production capacity and support its growing focus on the Indian market.
India’s Shift From Fresh to Frozen
India’s frozen food market is seeing strong demand as consumers look for more convenient food options.
Products such as French fries, pizzas and dumplings are becoming more popular, helped by the rapid growth of restaurants, retail chains and quick-commerce platforms.
For years, Indian households have largely preferred freshly cooked food. But changing lifestyles and easier access to ready-to-cook and frozen products are slowly changing consumer habits.
Karamchandani believes the industry is now moving towards a bigger shift from fresh food to frozen food.
HyFun Wants to Grow Its India Business
HyFun currently exports its products to more than 40 countries, with international markets contributing around three-fourths of its revenue.
However, the company expects exports to account for only around half of its revenue within the next five years as demand in India grows.
The company is looking to increase sales to regional restaurant chains, hotels and retailers while continuing to work with large international food brands.
HyFun’s domestic customers include Blue Tokai, PVR Cinemas and Wow Chicken, along with major global restaurant chains.
Revenue Target of Rs 3,500 Cr
HyFun expects its revenue to more than double to nearly Rs 3,500 Cr by FY28.
The growth will be supported by capacity expansion as well as rising demand from regional restaurant chains, hotels and retail businesses.
Global restaurant chains currently contribute around 40% of HyFun’s domestic revenue. This share is expected to fall to about 30% over the next two years as the company increases its presence across other customer segments.
India’s Food Services Market Keeps Expanding
India’s food services industry is also creating a strong opportunity for frozen food companies.
According to Redseer Strategy Consultants, the Indian food services market is expected to reach around $150 billion by the end of the decade, up from approximately $90 billion currently.
The growth of restaurant chains, quick commerce and organised food retail is expected to further increase demand for frozen and ready-to-cook products.
Key Numbers
- Rs 2,000 crore - planned IPO size by late 2028
- Rs 3,500 crore - expected revenue by FY28
- 40+ countries - HyFun’s current export markets
With rising demand for convenient food and a growing organised food services market, HyFun Foods is now preparing for its next phase of expansion. Its planned IPO could provide the capital needed to increase capacity and make India a much bigger part of the company’s growth story.
The Unicorn Magazine
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