Mangaluru-based Hangyo Ice Cream has raised $25 million (roughly Rs. 211 crore) in a funds round led by Faering Capital.
The company plans to use the capital raised to enhance production capabilities, accelerate new product development and expand its market presence, particularly in South India.
The presence of Hangyo Ice Cream
Founded in 2003 by Pradeep Pai, Dinesh Pai and Jagdeesh Pai, Hangyo’s product range includes cups, cones, sorbets, ice cream sticks, tubs and kulfis. It is available in general trade, modern trade and online channels including fast-trade platforms.
The company claims to have established a strong presence in Karnataka, Tamil Nadu, Kerala, Goa, Andhra Pradesh, Telangana and Maharashtra.
The brand distributes its products through more than 350 distributors and 30,000 points of sale.
Comments from the leaders
“We are incredibly excited to partner with Faering Capital for our next phase of growth,” said Pradeep Pai, Founder and CEO of Hangyo Ice Creams.
“Their investment not only brings 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 strengthening our market leadership.”
Dinesh Pai, Founder and Executive Chairman, added: “Faering Capital’s support marks a new chapter for Hangyo Ice Creams. Their experience in growing businesses will be invaluable as we work to expand our reach and bring more engaging products to our consumers.”
Sameer Shroff, Co-Founder and CEO of Faering Capital, said, “Hangyo Ice Creams is a profitable and fast-growing consumer company that has consistently delivered high-quality products through state-of-the-art manufacturing, wide distribution, and strong customer love. Faering Capital is thrilled to partner with Hangyoin on its next stage of growth.”
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