HyFun Foods, a leading manufacturer of frozen potato products, has announced plans to invest around Rs 850 crore to set up three new potato processing plants in Gujarat. The company aims to expand its business operations and achieve an ambitious annual revenue target of Rs 5,000 crore by 2028.
The three new plants will be constructed in Mehsana, Gujarat, focusing on potato flakes, french fries, and potato speciality products. According to Haresh Karamchandani, MD and CEO of HyFun Foods, the construction for the potato flakes plant has already started and is expected to become operational within this year, while the other two plants will be functional by the end of 2025.
In addition to these facilities, HyFun Foods will also invest Rs 150 crore to set up a water treatment plant in Gujarat. This facility will focus on treating wastewater from its factories, promoting sustainable manufacturing practices.
Rs 1,000 Crore Investment for Expansion
The company’s total investment of Rs 1,000 crore, including the water treatment plant, will be funded through internal accruals and bank loans. HyFun Foods already operates five potato processing plants in Mehsana with an annual production capacity of 2.5 lakh tonnes.
Karamchandani revealed that the company is on track to achieve a turnover of Rs 1,300 crore this fiscal, up from Rs 1,000 crore in the previous year. It is also experiencing 30-35% annual growth in production volume.
Expanding Market Reach
Currently, 70% of HyFun Foods’ revenue comes from exports. However, the company aims to balance domestic and international revenue equally by 2028. HyFun’s frozen products are already available in major retail chains like Reliance Fresh, and the company is expanding its presence in the online and offline retail market.
HyFun Foods is also exploring opportunities to diversify its frozen food portfolio beyond potatoes. The company is considering third-party manufacturing to introduce a range of new frozen products.
Serving Major QSR Brands
HyFun Foods supplies over 20 ready-to-cook frozen snacks, including french fries, aloo tikki, burger patties, and nuggets to HoReCa (hotels, restaurants, and canteens) and Quick Service Restaurants (QSR). Some of their major clients include Burger King and KFC.
To meet increasing demand, HyFun sources potatoes from Gujarat, Uttar Pradesh, and Madhya Pradesh. With aggressive expansion plans and increasing demand for frozen products, HyFun Foods is positioning itself as a key player in India’s growing frozen food industry.
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