SUMMARY
- Hangyo has secured $25 million from Faering Capital, marking one of the largest funding rounds for an Indian ice cream brand.
- The funds will be used to boost production, accelerate product development, and expand market presence in South India.
- Hangyo has a significant footprint in key South Indian states and serves over 3 million consumers, with a 50% revenue increase and a ninefold profit growth in FY22.3
Mangaluru-based ice cream brand Hangyo has raised $25 million (approximately Rs 200 crore) from Faering Capital, marking one of the largest venture funding rounds for an Indian ice cream brand to date. This investment will be utilized to enhance production capabilities, accelerate new product development, and expand the company’s market presence, particularly in South India.
Founded in 2003 by Pradeep Pai and Dinesh Pai, Hangyo offers a wide range of products including cups, cones, sorbets, stick ice creams, tubs, and kulfis. The company operates through general trade, modern trade, and online channels, including quick commerce apps.
It has established a significant footprint in Karnataka, Tamil Nadu, Kerala, Goa, Andhra Pradesh, Telangana, and Maharashtra, supported by over 350 distributors and more than 30,000 retail locations. Hangyo claims to have served over 3 million consumers as of February this year.
In the fiscal year 2022, Hangyo’s revenue from operations grew by 50% to Rs 233 crore, while its profit increased ninefold to Rs 5.8 crore. The firm last raised funds in August 2013, securing $5 million from Capvent Partners. Recently, other ice cream brands, such as Hocco and NIC, have also raised significant funding, reflecting growing investor interest in the sector.
