Mangaluru-based Hangyo Ice Cream has raised $25 million (approximately ₹211 crore) in a funding round led by Faering Capital. The funds will be used to enhance production, accelerate new product development, and expand market presence, especially in South India.
Founded in 2003 by Pradeep Pai, Dinesh Pai, and Jagdeesh Pai, Hangyo offers a wide range of products, including cups, cones, sorbets, stick ice creams, tubs, and kulfis. The brand has a strong foothold in Karnataka, Tamil Nadu, Kerala, Goa, Andhra Pradesh, Telangana, and Maharashtra, distributing through over 350 distributors and 30,000 retail outlets.
Pradeep Pai, Founder and MD, expressed enthusiasm for the partnership with Faering Capital, highlighting the strategic value it brings. Dinesh Pai, Founder and Executive Chairman, noted that Faering’s expertise will be crucial in scaling the business. Sameer Shroff, Co-founder and MD at Faering Capital, praised Hangyo for its consistent delivery of high-quality products and strong customer loyalty.
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