Popular South Indian brand Hangyo Ice Creams has raised $25 million from Faering Capital as it looks to expand its presence across the country.
“Hangyo Ice Creams is a fast growing and profitable consumer companiy that has consistently delivered high quality products driven by state-of-the-art manufacturing, wide distribution, and strong customer love,“ said Sameer Shroff, Co-founder and Managing Director at Faering Capital.
Hangyo plans to use the funds to enhance its production capabilities, focus on product development, and expand its presence across key markets including South India.
“We see immense market potential in the Ice cream Industry especially with the increase in Indian consumer spending,” noted Ullas Kamath, Founder at UK&Co, a strategic advisor and shareholder in Hangyo.
Mangaluru-based Hangyo, which offers multi flavour ice creams in multiple formats, including kulfis, cups, sorbets, and others, was founded in 2003 by Pradeep Pai. It has a strong presence in Karnataka, Tamil Nadu, Kerala, Goa, Andhra Pradesh, Telangana, and Maharashtra, with tie ups with nearly 350 distributors and more than 30,000 retailers. It manufactures 1.2 lakh liters of ice cream daily in its two facilities in Karnataka.
Axis Capital served as the exclusive financial advisor to Hangyo Ice Cream.
