South India's Hangyo Ice Creams Raises USD 25 Mn to Boost Production and Growth With the raised capital, the Mangaluru-based ice cream brand aims to improve its production capabilities, speed up new product development, and expand its presence across key markets, primarily in South India.
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Hangyo Ice Creams, an ice cream brand in South India, has announced a USD 25 million fundraising from private equity firm Faering Capital.
In August 2013, Hagyo raised USD 5 million from Capvent Partners.
The fresh capital will be used to enhance production, accelerate new product development, and strengthen its market presence, particularly in South India.
"We are incredibly pleased to partner with Faering Capital for our next phase of growth," said Pradeep Pai, Founder and MD of Hangyo Ice Creams. "Their investment brings not only financial support but also a wealth of experience and strategic value to our company. This partnership will greatly enhance our expansion plans, driving growth and reinforcing our market leadership."
Dinesh Pai, Founder and Executive Chairman, added, "Faering Capital's support marks a new chapter for Hangyo Ice Creams. Their expertise in scaling businesses will be invaluable as we work to broaden our reach and bring more exciting products to our consumers."
Founded in 2003 by Pradeep Pai, Dinesh Pai, and Jagdeesh Pai, Hangyo Ice Creams has grown into a beloved brand, offering a wide range of products including cups, cones, sorbets, stick ice creams, tubs, and kulfis.
The company's extensive distribution network covers Karnataka, Tamil Nadu, Kerala, Goa, Andhra Pradesh, Telangana, and Maharashtra, with more than 350 distributors and over 30,000 retail outlets. It also claims to have served over 3 million customers as of February of this year.
Sameer Shroff, Co-founder and Managing Director at Faering Capital, mentioned, "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. Faering Capital is delighted to partner with Hangyoin on their next stage of growth."
