HyFun Foods plans to raise up to Rs 20 billion ($207.7 million) through an initial public offering by late 2028. The company expects to begin preparations for the issue around mid-2027, with most of the IPO expected to comprise fresh shares. The proceeds will be used to expand capacity as the company increases its focus on the Indian market.
The company currently gets around three-fourths of its revenue from exports to more than 40 countries. However, CEO Haresh Karamchandani expects exports to account for about half of revenue within the next five years as domestic demand grows. HyFun is looking to increase sales across regional restaurant chains, hotels and retail rather than remain heavily dependent on global chains.
HyFun expects its revenue to more than double to nearly Rs 3,500 crore by FY28. The growth is expected to come from additional capacity as well as rising demand from regional restaurants, hotels and retail customers. In India, its customers include Blue Tokai, PVR Cinemas and Wow Chicken.
The IPO plan comes as frozen food gains ground in India, helped by the expansion of restaurants, quick commerce and demand for more convenient food options. Products such as French fries, pizzas and dumplings are increasingly finding a place beyond traditional food-service channels.
HyFun sees this as a broader shift in how food is consumed in the country. “The industry is at the cusp of a shift from fresh to frozen,” Karamchandani told Reuters. The company is therefore looking to build its domestic business while India’s food services market is projected to grow from around $90 billion currently to $150 billion by the end of the decade.
Global restaurant chains currently contribute around 40% of HyFun’s domestic revenue, but the company expects that share to fall to about 30% over the next two years as it expands its local customer base. The move would give HyFun greater exposure to India’s growing restaurant, retail and quick-commerce ecosystem.
