McDonald's supplier HyFun plans $208 million India IPO

Business Recorder reported that HyFun Foods, a frozen-food maker supplying McDonald's and KFC, intends to raise as much as 20 billion rupees, or $207.7 million, through an initial public offering by late 2028. Chief executive Haresh Karamchandani said preparations would start in mid-2027. The offering would consist mostly of fresh shares and fund capacity growth and a sharper focus on India's home market.

Karamchandani is betting on rising demand from restaurants, retailers and quick-commerce platforms, and he described the industry as close to a move from fresh food to frozen. Frozen items such as fries, pizzas and dumplings are catching on as Indian shoppers look for convenience, even though households have long favoured cooked meals. Exports currently provide roughly three-quarters of HyFun's revenue, a share he expects will decline to around half over the next five years as local sales grow.

Redseer Strategy Consultants expects India's food services industry to reach $150 billion by the decade's end, up from about $90 billion, helped by restaurant expansion. HyFun projects sales will more than double, reaching almost 35 billion rupees in fiscal 2028. Global restaurant chains currently account for about 40% of its domestic revenue, a share expected to shrink to around 30% over two years as local sales expand. Its customers include Blue Tokai, a coffee chain, along with PVR Cinemas and Wow Chicken.