McDonald's and KFC supplier HyFun Foods plans to raise up to ₹2,000 crore ($207.7 million) through an IPO by late 2028, according to CEO Haresh Karamchandani. The frozen-foods maker expects to initiate preparations for the initial public offering in mid-2027, as reported by CNBC TV18. The IPO, composed largely of new shares, would fund expansion as HyFun ramps up capacity and sharpens its focus on the domestic market.
HyFun expects its revenue to more than double to ₹3,500 crore by fiscal year 2028, driven by capacity expansion and growth from regional restaurant chains and hotels as well as retail demand, as reported by CNBC TV18. This represents an increase from the previously reported ₹3,000 crore projection, indicating stronger growth expectations as the company capitalizes on surging demand from restaurants, retailers and quick-delivery platforms.
Frozen foods such as French fries, pizzas and dumplings are gaining ground in India as consumers seek convenience amid a quick-commerce boom. According to CNBC TV18, Karamchandani stated that "The industry is at the cusp of a shift from fresh to frozen." For HyFun, exports to more than 40 countries account for about three-fourths of revenue, but Karamchandani expects that share to fall to about half within five years as local demand rises. Households in the world's most populous country have traditionally preferred freshly cooked meals instead of ready-to-eat ones.
India's food services industry is expected to grow to $150 billion by the end of the decade from about $90 billion, aided by the expansion of restaurant chains, according to Redseer Strategy Consultants, as reported by CNBC TV18. Global restaurant chains currently contribute about 40% of HyFun's domestic revenue, but that share is expected to fall to around 30% with the shift becoming more evident over the next two years as the firm expands local sales.
HyFun counts Indian coffee chain Blue Tokai, PVR Cinemas and Wow Chicken among its customers, according to CNBC TV18. The company's domestic revenue is expected to grow significantly as it reduces its dependence on international markets and focuses on the expanding Indian food services sector.
