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Hangyo, the ice cream brand, has secured funding of $25 million (about Rs 200 crore) from Faering Capital. This represents one of the most substantial investments ever made in an Indian ice cream brand.
Hangyo plans to utilize the funds to enhance its manufacturing capabilities, accelerate the development of new products, and extend its market reach in important regions, particularly in South India, as stated in a news statement by the company.
Hangyo distributes and sells a variety of frozen desserts, such as cups, cones, sorbets, stick ice creams, tubs, and kulfis. These products are available through various distribution channels, including general trade, modern trade, and online platforms, including rapid commerce apps.
The company has a significant presence in Karnataka, Tamil Nadu, Kerala, Goa, Andhra Pradesh, Telangana, and Maharashtra. It has a network of more than 350 distributors and over 30,000 retail locations. Additionally, it asserts that it has catered to more than 3 million customers as of February of this year.
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Hangyo has not yet submitted its annual financial report for FY23 and FY24. However, its revenue from operations increased by 50%, reaching Rs 233 crore in FY22. The company's profit increased by a factor of 9, reaching Rs 5.8 crore during the same period.
About Hangyo
Founded in 2003 by Pradeep and Dinesh Pai, Hangyo is an ice cream brand that was founded in 1997 and is based in Mangalore, India.
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