HyFun Foods Plans Up To ₹2,000-Crore IPO By 2028 As Demand For Frozen Food Rises Across India

HyFun Foods, a supplier to restaurant chains including McDonald's and KFC, is planning an initial public offering (IPO) of up to ₹2,000 crore by the end of 2028 as demand for frozen food grows in India.

The company expects to start preparing for the public issue around the middle of 2027, CEO Haresh Karamchandani said in an interview.

Most of the IPO is expected to comprise a fresh issue of shares. HyFun plans to use the money to expand its production capacity and increase its focus on the domestic market.

HyFun Expects Bigger Role For India Business

HyFun currently gets around three-fourths of its revenue from exports to more than 40 countries. That mix is expected to change over the next five years. Karamchandani expects exports to account for around half of the company's revenue as sales in India increase.

The company supplies frozen food products to restaurants, retailers and other customers. Its products include items such as French fries, pizzas and dumplings.

Karamchandani expects India's food market to see a shift towards frozen products as consumers look for more convenient options.

The proposed IPO is still some time away, with preparations expected to begin in 2027 and the listing targeted for 2028.

HyFun Revenue Projections For FY28

HyFun expects its revenue to more than double to nearly ₹3,500 crore by FY28. The growth is expected to come from higher production capacity as well as increased sales to regional restaurant chains, hotels and retail customers.

Global restaurant chains currently account for around 40% of HyFun's domestic revenue. That share is expected to fall to about 30% over the next two years as the company expands its presence across other customer segments.

HyFun's customers include Blue Tokai, PVR Cinemas and Wow Chicken, in addition to international restaurant chains such as McDonald's and KFC.

Frozen Food Market Gets A Boost From Quick Commerce

Frozen food has traditionally had a smaller role in Indian households, where freshly prepared meals remain more common. That is changing as supermarkets, restaurants and quick-commerce platforms expand their reach.

India's food services industry is expected to grow to around $150 billion by the end of the decade from roughly $90 billion currently, according to Redseer Strategy Consultants.

For HyFun, the growth in restaurant chains and retail distribution provides a larger domestic market for its frozen products. The company is looking to add capacity ahead of that expected increase in demand.

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