HyFun Foods, major frozen food supplier to McDonald’s & KFC, aims to raise up to ₹2,000 crore via an IPO by late 2028, per its CEO.

Haresh Karamchandani laid out the plan in an interview with sources, reported on 6 October. Preparations for the listing should start in mid-2027.

Most of the issue will comprise new shares, with proceeds expected to fund expansion.

HyFun wants to add production capacity and put more focus on the Indian market.

Indian households have long preferred freshly cooked meals. That habit is shifting as quick delivery apps grow and people look for convenience.

French fries, pizzas and dumplings are selling more. “The industry is at the cusp of a shift from fresh to frozen,” Karamchandani said.

HyFun still earns most of its money abroad. Exports to more than 40 countries make up about three-fourths of its revenue.

Karamchandani expects that to fall to about half within five years as demand at home rises.

The company expects revenue to more than double to nearly Rs 35 billion, or about Rs 3,500 crore, by fiscal year 2028.

It sees growth coming from regional restaurant chains, hotels and retail demand.

The domestic customer mix is also expected to change. Global restaurant chains bring in about 40% of HyFun’s domestic revenue today.

That share should drop to around 30% over the next two years as local sales grow.

HyFun already counts Indian coffee chain Blue Tokai, PVR Cinemas and Wow Chicken as customers. The wider market is growing as well.

Redseer Strategy Consultants expects India’s food services industry to rise from about $90 billion to $150 billion by the end of the decade, helped by the spread of restaurant chains.

For now, the listing remains a plan for the future, with the company aiming to go public by late 2028.

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