McDonald’s, KFC Supplier HyFun Foods Plans ₹2,000 Crore IPO By 2028 As India’s Frozen Food Demand Surges

HyFun Foods, which supplies frozen-food products to McDonald’s and KFC, plans to raise up to ₹2,000 crore through an initial public offering (IPO) by late 2028 as demand from restaurants, retailers and quick-commerce platforms grows.

According to a report by Reuters, chief executive officer Haresh Karamchandani said the company expects to begin preparations for the IPO in mid-2027.

The offering will largely comprise fresh shares, with the proceeds intended to support capacity expansion and the company's increasing focus on India.

Demand for frozen products such as French fries, pizzas and dumplings is rising as Indian consumers increasingly seek convenience, aided by the rapid growth of quick-commerce services.

Karamchandani said the frozen-food industry was at the beginning of a shift as consumers gradually move from fresh to frozen products.

HyFun targets ₹3,500 crore revenue by FY28

HyFun currently generates about three-fourths of its revenue from exports to more than 40 countries. However, Karamchandani expects exports to contribute about half of total revenue within five years as domestic demand increases.

The company expects its revenue to more than double to nearly ₹3,500 crore by fiscal year 2028, supported by capacity expansion and rising demand from regional restaurant chains, hotels and retail customers.

Global restaurant chains currently account for about 40% of HyFun's domestic revenue. The company expects this contribution to decline to around 30% as other local sales channels expand.

India’s food services market set for growth

India's food services industry is projected to expand to $150 billion by the end of the decade from about $90 billion, according to Redseer Strategy Consultants, driven partly by the expansion of restaurant chains.

HyFun is positioning itself to benefit from this growth as frozen foods gain wider acceptance among Indian consumers.

Besides global fast-food chains, the company's customers include Indian coffee chain Blue Tokai, PVR Cinemas and Wow Chicken.

The planned IPO and capacity expansion come as HyFun seeks to increase its exposure to India's growing food services, retail and quick-commerce markets while reducing its dependence on exports.