McDonald's supplier HyFun plans ₹2,000 crore IPO by 2028 as demand rises

HyFun Foods, a supplier to McDonald's and KFC, is planning an initial public offering (IPO) of up to 20 billion rupees ($207.7 million) by late 2028. The frozen-foods maker expects to start preparations for the IPO in mid-2027, according to its CEO, Haresh Karamchandani.

The company, which exports to over 40 countries, sees local demand rising and expects the share of exports in its revenue to fall to about half within five years. Currently, exports account for about three-fourths of HyFun's revenue.

Frozen foods such as French fries, pizzas, and dumplings are gaining popularity in India as consumers seek convenience amid a quick-commerce boom. According to Redseer Strategy Consultants, India's food services industry is expected to grow to $150 billion by the end of the decade from about $90 billion. HyFun expects its revenue to more than double to nearly 35 billion rupees by fiscal year 2028.

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