Global private equity firm Advent International has agreed to invest $150 million for a significant minority stake in Iscon Balaji Foods as part of the company’s $215 million Series A funding round. Investment platform 360 ONE is also participating in the round.
Founded in 2012 and headquartered in Gujarat, Iscon Balaji Foods manufactures processed frozen potato products including French fries, hash browns, coated fries and other specialty offerings. The company supplies quick service restaurants and food service distributors across India, South and Far East Asia, the Middle East and Australia.
Over the years, the company has built a large-scale farming network along with automated processing facilities and food safety systems to support its manufacturing operations. It has expanded its export presence while focusing on operational efficiency, supply chain reliability and product quality consistency.
The company is currently expanding its processing capacity through a new manufacturing facility in Gujarat, which is expected to become operational over the next six months. The expansion is aimed at strengthening its position in international markets and increasing production capabilities.
Advent will work alongside founder Neel Kotak and the management team to support the company’s growth across domestic and global markets, while also strengthening operations and product development capabilities.
Shweta Jalan, Managing Partner at Advent, said, “We are delighted to be partnering with Neel and the IBF team. Over more than a decade, Neel has built IBF with discipline and assembled a very strong management team that is the foundation of everything the business has achieved. IBF stands apart for the rigour of its execution, the institutional maturity of its platform, and a track record of consistent, profitable growth across market cycles.”
Jayesh Kotak, Chairman of the Board at Iscon Balaji Foods, said, “Over the years, IBF has been built with a long-term mindset, with strong emphasis on relationships, governance and disciplined growth. We are pleased to welcome Advent as a partner for the next phase of the company’s journey.”
Neel Kotak, Chief Executive Officer at Iscon Balaji Foods Private Limited, said, “We have spent years building IBF into a business that can compete on the global stage – investing in the right systems, talent and capital discipline, because we believe that is what it takes to win in this category. Advent is the right partner for what comes next, bringing not just capital, but a strategic sounding board on the big decisions ahead, valuable relationships, and deep operational expertise from scaling businesses internationally. We are very excited about this next chapter of growth together.”
Sahil Dalal, Managing Director at Advent, said, “India is one of the most compelling growth stories in global food processing, and Iscon Balaji Foods sits at the heart of that opportunity. The combination of structural cost advantages, a rapidly expanding export footprint, disciplined execution, and a founder-led team with real ambition makes this a distinctive partnership. We look forward to working alongside Neel and the team to accelerate what they have built.”
