Ice Cream Brand Hangyo bags $25 million from private equity firm Faering Capital
Famed icecream brand Hangyo has recently declared about their new fundraising where they successfully grabbed $25 million which is equivalent to Rs. 211 crore from private equity firm Faering Capital. This funding is one of the highest ever venture funding for any ice cream brand in India.
In a media release, the company declared that they will use this fresh proceed to enhance its production capabilities, speed-up new product development and expand its presence across key markets, primarily in South India.
The company was established by Pradeep Pai and Dinesh Pai, in 2003. The company is offering cups, cones, sorbets, stick ice-creams, tubs and kulfis across general trade, modern trade and online channels including quick commerce apps.
The ice cream maker startup has established a strong presence in Karnataka, Tamil Nadu, Kerala, Goa, Andhra Pradesh, Telangana and Maharashtra with more than 350 distributors and over 30,000 retail footprints. The company declares that, it has served over 3 million consumers till February this year.
Hangyo has yet to file its annual financial report for FY24, but its revenue from operations surged 50% to Rs.233 crore in FY23, while its profit increased ninefold to Rs.5.8 crore during the same period. Since May 2023, a number of both emerging and established ice cream brands, including Hocco, Go Zero, and NIC, have raised significant funding. Hocco secured $12 million from the Chona family and others, NIC raised $31 million in two rounds, and Mumbai-based Go Zero completed two funding rounds totaling $2.5 million.
Notably, Mangaluru-based Hangyo has secured new funding after more than a decade, having previously raised $5 million from Capvent Partners in August 2013. This year, several established brands have either secured external funding or resumed fundraising after a long hiatus. For example, Unimech Aerospace raised $30 million in its first round of funding from Steadview Capital and others in July. Other notable fundraisers include workspace provider Incuspaze, ethnic wear brand Libas, consumer electronics startup Indkal, and performance wear brand TechnoSport.
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In a media release, the company declared that they will use this fresh proceed to enhance its production capabilities, speed-up new product development and expand its presence across key markets, primarily in South India.
The company was established by Pradeep Pai and Dinesh Pai, in 2003. The company is offering cups, cones, sorbets, stick ice-creams, tubs and kulfis across general trade, modern trade and online channels including quick commerce apps.
The ice cream maker startup has established a strong presence in Karnataka, Tamil Nadu, Kerala, Goa, Andhra Pradesh, Telangana and Maharashtra with more than 350 distributors and over 30,000 retail footprints. The company declares that, it has served over 3 million consumers till February this year.
Hangyo has yet to file its annual financial report for FY24, but its revenue from operations surged 50% to Rs.233 crore in FY23, while its profit increased ninefold to Rs.5.8 crore during the same period. Since May 2023, a number of both emerging and established ice cream brands, including Hocco, Go Zero, and NIC, have raised significant funding. Hocco secured $12 million from the Chona family and others, NIC raised $31 million in two rounds, and Mumbai-based Go Zero completed two funding rounds totaling $2.5 million.
Notably, Mangaluru-based Hangyo has secured new funding after more than a decade, having previously raised $5 million from Capvent Partners in August 2013. This year, several established brands have either secured external funding or resumed fundraising after a long hiatus. For example, Unimech Aerospace raised $30 million in its first round of funding from Steadview Capital and others in July. Other notable fundraisers include workspace provider Incuspaze, ethnic wear brand Libas, consumer electronics startup Indkal, and performance wear brand TechnoSport.
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