Global private equity firm Advent International has announced its $150 million investment for a minority stake in Iscon Balaji Foods (IBF) Pvt Ltd, one of India's largest potato processors. The investment forms part of a larger $215 million Series A funding round that also saw participation from 360 ONE. According to company officials, Advent's capital will help accelerate IBF's next phase of growth across domestic and international markets, while strengthening its operating platform and product capabilities. As per Advent's managing partner Shweta Jalan, the firm is delighted to partner with founder Neel Kotak and the IBF team, highlighting the company's rigour of execution and institutional maturity.
The deal underscores rising private equity appetite for India's fast-scaling frozen foods and quick-service restaurant (QSR) supply chain ecosystem. IBF operates in the $60 billion global frozen potato products market, a segment benefiting from expanding QSR chains, rising processed food consumption and export demand. Founded in 2012 and headquartered in Gujarat, IBF has established itself as one of the highest quality producers of processed frozen potato products globally, supplying to quick-service restaurants and food-service distributors across India, South and far East Asia, the Middle East, and Australia. The business is currently in the process of increasing its processing capacity significantly over the next six months with a new state-of-the-art manufacturing facility in Gujarat, positioning IBF to further strengthen its presence across global markets.
In FY25, IBF reported an operating income of ₹1,488.9 crore compared to ₹1,186.06 crore in the previous year. However, its net profit narrowed to ₹165.23 crore from ₹263.37 crore in FY24, according to Mint reports. The company, founded in 2012, manufactures a broad range of frozen potato products including french fries, hash browns, coated fries, and other specialty products, supplying to quick-service restaurants and food-service distributors across India, South and far East Asia, the Middle East, and Australia.
The investment brings together Advent's global network and operational expertise with IBF's disciplined growth approach. Founder and CEO Neel Kotak, an IIT Bombay alumnus, emphasized that the company has spent years building IBF into a business that can compete on the global stage, investing in the right systems, talent and capital discipline. As per Kotak, Advent brings not just capital but a strategic sounding board on big decisions, valuable relationships, and deep operational expertise from scaling businesses internationally. Jayesh Kotak, chairperson of the board at IBF, highlighted the company's long-term mindset with strong emphasis on relationships, governance and disciplined growth, expressing pleasure at welcoming Advent as a partner for the next phase of the company's journey.
IBF directly competes with McCain Foods, Hyfun Foods, and Siddhi Vinayak Agri Processing in the processing sector, while others include Bikaji Foods, Haldiram's, and Balaji Wafers. The fresh capital will be used towards IBF's next phase of growth, including significant capacity expansion, deepening of farmer-linked supply chains, upgrading processing and cold-chain infrastructure, launch of new value-added product lines, and expansion into additional international markets. According to Sahil Dalal, managing director at Advent, India represents one of the most compelling growth stories in global food processing, with the combination of structural cost advantages, rapidly expanding export footprint, disciplined execution, and a founder-led team with real ambition making this a distinctive partnership.
