Ice cream brand Hangyo has raised $25 million (around Rs 211 crore) from Faering Capital. The company will use the capital to improve its production capabilities, speed-up new product development and expand its presence across key markets, primarily in South India.
The company was founded in 2003 by Pradeep Pai and Dinesh Pai, Hangyo sells cups, cones, sorbets, stick ice-creams, tubs and kulfis across general trade, modern trade and online channels including quick commerce apps.
The firm has presence in Karnataka, Tamil Nadu, Kerala, Goa, Andhra Pradesh, Telangana and Maharashtra with more than 350 distributors and over 30,000 retail footprints.
Its revenue from operations grew 50% to Rs 233 crore in FY23. The firm’s profit spiked 9X to Rs 5.8 crore during the same period. The company is yet to file its annual financial report for FY24.
Hangyo has raised a new round after more than a decade. In August 2013, it raised $5 million from Capvent Partners. In the ongoing calendar year, several established brands have raised their external funding or after a long gap.