Stories
McDonald's Supplier HyFun Foods Plans $208 Million India IPO by 2028
- •HyFun Foods, a key supplier to McDonald's and KFC, plans to raise up to 20 billion rupees in an IPO by late 2028.
- •Preparations for the initial public offering are expected to begin in mid-2027 to fund capacity expansion and domestic market growth.
- •The frozen-foods maker aims to capitalize on surging demand driven by the quick-commerce boom and changing consumer habits in India.
- •Exports currently account for about three-fourths of HyFun's revenue, but the company expects domestic share to rise to half within five years.
- •HyFun projects its revenue to more than double to nearly 35 billion rupees by fiscal year 2028.
Key Questions Answered
McDonald's and KFC supplier HyFun Foods plans to raise up to 20 billion rupees ($207.7 million) in an initial public offering by late 2028. The frozen-foods maker expects to begin IPO preparations in mid-2027 to fund capacity expansion and domestic market growth. Furthermore, the company expects its revenue to more than double to nearly 35 billion rupees by fiscal year 2028.
HyFun Foods is investing Rs 1,500 crore to set up new units in Gujarat and Madhya Pradesh, which will increase its French fries production capacity to 2,45,000 tonnes annually and potato specialties capacity to 40,000 tonnes. The company is building a greenfield unit near Ahmedabad in Mehsana with a Rs 1,000 crore capex expected to be operational by January 2027, followed by another unit in Madhya Pradesh.
HyFun Foods raised Rs 1,500 crore from global investment firm Davidson Kempner through a structured four-year debt facility. While exports to over 40 countries currently account for about three-fourths of HyFun's revenue, CEO Haresh Karamchandani expects that share to drop to about half within five years as local Indian demand rises.
