Mangaluru-based ice cream brand Hangyo raises $25 million from Faering Capital. The funds will be infused to improve its production capabilities, accelerate product development, and expand its presence across key markets, primarily in South India.
Currently, the ice cream brand has a footprint of over 350 distributors and more than 30,000 retail touchpoints. It maintains a strong presence in Karnataka, Tamil Nadu, Kerala, Goa, Andhra Pradesh, Telangana and Maharashtra.
Wealth of experience
“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 in a statement. “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,” he added
With this investment, Hangyo joins a growing list of ice cream brands that have recently secured funding. Lately, Ahmedabad-based Hocco Ice Cream raised $12 million in a round led by the Chona family and existing investor Sauce VC. NIC raised $20 million from Jungle Ventures and Mumbai-based Go Zero secured $1.5 million from existing investors DSG Consumer Partners, Saama Capital and V3 Investors.
This is Faering Capital’s fifth investment and second in a consumer brand from its $346 million Fund 3. The VC firm had raised over $720 million of capital across three funds and has partnered with 31 companies. Following this fund influx, Faering now holds a 24 per cent stake in Hangyo.