HyFun Meals, an Ahmedabad-based maker of frozen French fries and potato snacks that provides McDonald’s and KFC, plans to boost as much as Rs 2,000 crore ($207.7 million) by an preliminary public providing (IPO) by late 2028.

Haresh Karamchandani, MD and Group CEO of HyFun Meals, stated in a current interview that the corporate expects to start out making ready for the IPO in mid-2027.

The problem will likely be made up largely of latest shares, and the cash will fund enlargement as HyFun provides capability and focuses extra on the Indian market.

“The trade is on the cusp of a shift from recent to frozen,” Karamchandani stated.

Income goal and the shift to India

HyFun, which generated Rs 1,450 crore in income in FY26, expects its income to greater than double to just about Rs 3,500 crore by FY28. It’s relying on new capability and on progress from regional restaurant chains, accommodations and retail patrons. Exports to greater than 40 international locations at the moment herald about three-fourths of the corporate’s income.

Karamchandani expects that share to fall to about half inside 5 years as demand in India rises. World restaurant chains make up about 40% of HyFun’s home income, which works out to roughly a tenth of its whole gross sales.

The corporate expects that share to drop to round 30% over the subsequent two years because it sells extra to native companies. Notably, its Indian prospects embody espresso chain Blue Tokai, PVR Cinemas and Wow Hen.

The IPO plan has been within the works for a while. In October 2025, the corporate stated it could start preparations for an inventory as soon as provides began from its new facility, with the purpose of tapping the capital markets by 2028. At the moment it stated the proceeds would fund ongoing enlargement.

“There’s a rising demand for our merchandise in each home and worldwide markets,” the corporate informed PTI then.

It additionally stated its export push was geared toward Southeast Asia, West Asia and the Far East, areas that it stated had earlier depended closely on imports from Europe and the US.

Doubling capability in Mehsana

A lot of the enlargement the IPO is supposed to help is already below method. HyFun is establishing a greenfield plant in Gujarat’s Mehsana district at a value of round Rs 1,000 crore, and the unit is anticipated to start out working by January 2027.

A second greenfield plant is deliberate in Madhya Pradesh with an funding of round Rs 500 crore, taking the deliberate spend to about Rs 1,500 crore.

The Mehsana unit will likely be HyFun’s sixth. The corporate at the moment runs 5 manufacturing models in Gujarat.

In accordance with the corporate’s earlier disclosures, the brand new plant will add 1,35,000 tonnes of French fries and 25,000 tonnes of potato specialties a 12 months. That will take whole capability to 2,45,000 tonnes of fries and 40,000 tonnes of specialties, and lift general potato processing capability from 3,50,000 tonnes to about 7,00,000 tonnes.

Karamchandani has stated the power “will greater than double the corporate’s capability”.

To pay for the build-out, HyFun raised Rs 1,500 crore (about $173 million) from international funding agency Davidson Kempner in June 2026.

What HyFun makes

HyFun was based in 2015 by Karamchandani, a third-generation entrepreneur, below mother or father firm Asandas & Sons. French fries account for about 80% of what it sells, with potato flakes making up about 10%, in keeping with a Enterprise India profile.

Its product vary additionally contains wedges, hash browns, veggie snacks, Indian snacks akin to aloo tikki, baked pizzas and pies, and objects past potato akin to mozzarella sticks, onion rings and momos. Its merchandise are 100% vegetarian.

In addition to McDonald’s and KFC, its quick-service restaurant prospects embody Burger King, Pizza Hut, Domino’s and Subway. Its client merchandise are bought on Blinkit, Swiggy Instamart, Amazon Contemporary and BigBasket.

The corporate sources potatoes by contract farming with greater than 7,500 farmers throughout about 30,000 acres, supplying them with seeds, credit score and agronomy help.