Hangyo has secured $25 million from Faering Capital to enhance production, accelerate product development, and expand its market presence in South India.

Target Information

Hangyo, a prominent ice cream brand founded in 2003 by Pradeep Pai and Dinesh Pai, has recently secured $25 million (approximately Rs 211 crore) from Faering Capital. This funding round marks one of the largest venture investments in an ice cream brand in India to date. Hangyo offers a diverse range of products including cups, cones, sorbets, stick ice creams, tubs, and kulfis, which are distributed across various trade channels, including general trade, modern trade, and online platforms, such as quick commerce applications.

The company boasts a significant business footprint in South India, with strong market presence in states like Karnataka, Tamil Nadu, Kerala, Goa, Andhra Pradesh, Telangana, and Maharashtra. Hangyo operates a robust distribution network of over 350 distributors and claims more than 30,000 retail touchpoints. Furthermore, the brand has reportedly served over 3 million consumers as of February this year.

Industry Overview in India

The ice cream industry in India has shown considerable growth, driven by increasing consumer demand and changing lifestyles. As of 2023, the market is projected to witness rapid expansion fueled by factors such as rising disposable incomes, a g