McDonald’s Potato Supplier HyFun Targets INR 2,000 Crore IPO by 2028
India’s frozen food sector is expanding and HyFun Foods, a major supplier of potatoes to McDonald’s and KFC, is set to list through an INR 2,000 cr IPO by 2028. The company plans to launch the IPO in about mid-2027 largely through a fresh share offering.
The CEO of HyFun Foods, a supplier to McDonald's and KFC, announced that the frozen food company aims to generate up to INR 2,000 crore ($207.7 million) in an initial public offering (IPO) by the end of 2028. By taking this step, the company is placing its bets on the increasing demand from food establishments, stores, and delivery services. According to Haresh Karamchandani, the CEO of the Indian firm, the initial public offering (IPO) is expected to begin around the middle of 2027.
In order to expand while HyFun increases capacity and focuses on the local market, the company plans to do an IPO that will consist mostly of new shares. In India, where quick commerce is booming, frozen foods like French fries, pizza, and dumplings are becoming more popular as people look for convenience. Freshly prepared meals have long been favoured over ready-to-eat options in the most populated nation in the world.
HyFun Capitalising on Growth of India’s Food Services Sector
A transition from fresh to frozen is imminent, according to Karamchandani. While HyFun currently generates over three quarters of its income from exports to over 40 countries, Karamchandani predicts that, due to increasing demand within the country, this proportion will drop to around 50% in the next five years. The current estimated value of India's food services business is $90 billion, but experts predict it could reach $150 billion by the decade's end. The proliferation of restaurant chains is a key factor in this enormous expansion, as stated by Redseer Strategy Consultants.
HyFun anticipates a more than 100% increase in revenue to around INR 3,500 crore by the end of the fiscal year 2028. The increase of capacity and the growth of regional hotel and restaurant chains, along with retail demand, are the main drivers of this monetary growth. At present, almost 40% of HyFun's domestic income comes from global restaurant chains. The change, however, will be more noticeable over the next two years as the company grows local sales, and the share is predicted to drop to about 30%. Among HyFun's clientele are PVR Cinemas, Wow Chicken, and the Blue Tokai coffee brand in India.
Growth of India’s Frozen Food Market
Rapid urbanisation, improved cold chain infrastructure, an increase in dual-income households, and the quick-commerce platform-driven digitalisation of food retail are the key drivers of the current fundamental transformation in the Indian frozen foods business, according to Imarc. With a projected CAGR of 12.86%, the market is expected to grow from an initial valuation of INR 216.59 Billion in 2025 to INR 643.64 Billion in 2034. With the approval of 372 integrated cold chain projects, the Pradhan Mantri Kisan SAMPADA Yojana created more than 2.23 lakh employment and increased cold storage capacity by 38 million metric tonnes.
Across all of India's varied regions, this revolutionary infrastructural drive is having a profound effect on the future of the frozen food industry. In 2025, frozen vegetable snacks account for 52.0% of all product types, demonstrating the growing trend of plant-based snacking and health consciousness in India. Next at 28.0% are frozen fruits and vegetables, which are seeing demand from both exports and the expansion of modern retail. At 20.0% are frozen meat products, which are seeing demand from urban middle-class households' increasing protein consumption.
