Mangaluru-based Hangyo Ice Cream raises $25 million from Faering Capital

Mangaluru-based Hangyo Ice Cream has raised $25 million (approximately Rs 211 crore) in a funding round led by Faering Capital.

The company plans to use the raised capital to enhance production capabilities, speed up new product development, and expand its market presence, particularly in South India.

Hangyo Ice Cream's presence

Founded in 2003 by Pradeep Pai, Dinesh Pai, and Jagdeesh Pai, Hangyo's product range includes cups, cones, sorbets, stick ice creams, tubs, and kulfis. It is available across general trade, modern trade, and online channels, including quick commerce platforms.

The company claims to have established a strong foothold in Karnataka, Tamil Nadu, Kerala, Goa, Andhra Pradesh, Telangana, and Maharashtra. 

The brand distributes its products through more than 350 distributors and 30,000 retail outlets. 

Leadership comments

"We are incredibly pleased to partner with Faering Capital for our next phase of growth," said Pradeep Pai, Founder and MD of Hangyo Ice Creams.

"Their investment brings not only financial support but also a wealth of experience and strategic value to our company. This partnership will greatly enhance our expansion plans, driving growth and reinforcing our market leadership."

Dinesh Pai, Founder and Executive Chairman, added, "Faering Capital's support marks a new chapter for Hangyo Ice Creams. Their expertise in scaling businesses will be invaluable as we work to broaden our reach and bring more exciting products to our consumers."

Sameer Shroff, Co-founder and Managing Director at Faering Capital, said, "Hangyo Ice Creams is a fast-growing and profitable consumer company that has consistently delivered high-quality products driven by state-of-the-art manufacturing, wide distribution, and strong customer love. Faering Capital is delighted to partner with Hangyoin on their next stage of growth."