Hangyo Ice Creams, a popular South Indian brand, has successfully secured $25 million in funding from Faering Capital. This investment will fuel the company’s expansion across the country, enhancing its production capabilities and driving new product development.
“Hangyo Ice Creams is a fast-growing and profitable consumer company 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.
Founded in 2003 by Pradeep Pai, Hangyo has built a robust presence in Karnataka, Tamil Nadu, Kerala, Goa, Andhra Pradesh, Telangana, and Maharashtra. The brand offers a wide variety of ice creams, including kulfis, cups, sorbets, and other formats, and has established partnerships with nearly 350 distributors and more than 30,000 retailers.
Hangyo currently manufactures 1.2 lakh liters of ice cream daily at its two facilities in Karnataka. The company plans to use the new funds to increase its presence in key markets and accelerate product development and innovation.
“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.
Axis Capital served as the exclusive financial advisor to Hangyo Ice Creams for this transaction.
