Mangaluru-based ice cream brand Hangyo has raised $25 million in funding from Faering Capital. This investment will be used to enhance production capabilities, speed up product development, and extend Hangyo’s reach in key markets, particularly across South India.
Currently, Hangyo operates with over 350 distributors and more than 30,000 retail locations, holding a strong market presence in Karnataka, Tamil Nadu, Kerala, Goa, Andhra Pradesh, Telangana, and Maharashtra.
Pradeep Pai, Founder and MD of Hangyo Ice Creams, expressed enthusiasm about the partnership, stating, “We are incredibly pleased to partner with Faering Capital for our next phase of growth. Their investment not only provides financial support but also brings valuable strategic insights to our company. This collaboration will significantly boost our expansion efforts and solidify our market leadership.”
Hangyo’s latest funding round adds to a series of recent investments in the ice cream sector. Ahmedabad-based Hocco Ice Cream recently raised $12 million, NIC secured $20 million, and Mumbai’s Go Zero obtained $1.5 million from existing investors.
Faering Capital’s investment in Hangyo is its fifth and second in a consumer brand from its $346 million Fund 3. The firm has raised over $720 million across three funds and partnered with 31 companies. Following this investment, Faering holds a 24% stake in Hangyo.
