Mangaluru-based Hangyo Ice Creams has secured Rs 211 crore in funding from private equity firm Faering Capital. This new investment will be utilized to enhance production capabilities, speed up the development of new products, and strengthen the company’s market presence, particularly in southern India.
This investment comes at a time when the ice cream sector is witnessing increased interest from venture capital firms. Recently, Ahmedabad-based Hocco Ice Cream raised Rs 100 crores in a funding round led by its promoter group, and Go Zero secured $1.5 million from existing investors.
“We are extremely pleased to partner with Faering Capital for our next phase of growth,” said Pradeep Pai, Managing Director of Hangyo Ice Creams. “Their investment not only provides financial support but also adds strategic value, which will significantly enhance our expansion plans and reinforce our market leadership.”
Founded in 2003, Hangyo Ice Creams has established a strong presence across Karnataka, Tamil Nadu, Kerala, Goa, Andhra Pradesh, Telangana, and Maharashtra, with around 350 distributors and 30,000 retailers. The company offers a wide range of products, including cups, cones, sorbets, sticks, and tubs, available through general trade, modern trade, and online channels.
Hangyo Ice Creams operates two manufacturing facilities in Karnataka, with a combined daily production capacity of 120,000 litres of ice cream.
India’s ice cream industry, estimated to be worth $5 billion in 2024, has seen the rise of new-age brands like Noto, Get-A-Way, Go Zero, Frubon, and Minus 30, which are challenging traditional players such as Amul, Mother Dairy, Kwality Walls, and Cream Bell.
“Hangyo Ice Creams is a fast-growing and profitable consumer company that consistently delivers high-quality products. Faering Capital is excited to partner with Hangyo in their next stage of growth,” said Sameer Shroff, Managing Director of Faering Capital.
