Haresh Karamchandani, chief executive of HyFun Foods, confirmed the company will target ₹20 billion in its upcoming IPO, a move that will fuel a planned ramp‑up of frozen‑food capacity across India.
Karamchandani said the firm’s revenue is projected to climb from ₹17.5 billion in FY24 to almost ₹35 billion by FY28, a 100% increase that hinges on bolstering domestic sales.
Exports currently generate about 75% of HyFun’s revenue, but the CEO expects that share to fall to roughly 50% within five years as local demand swells, pushing domestic sales to 30% of total by FY30.
The broader food‑services market, which is slated to hit $150 billion by 2030 from $90 billion today, is driving this shift, analysts note, as quick‑commerce platforms and chain restaurants swell.
HyFun plans to begin IPO preparations in mid‑2027, with a potential listing on the NSE or BSE slated for late 2028, and it has already secured key domestic clients such as Blue Tokai and PVR Cinemas.
Analysts project a 12‑15% upside on the shares once the IPO is priced, citing the company’s strong growth trajectory and the growing appetite for frozen‑food solutions in India.