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Global private equity firm Advent International has acquired a significant minority stake in Iscon Balaji Foods as part of a USD 215 million Series A funding round. The investment includes USD 150 million from Advent with additional participation from 360 ONE Asset.
Founded in 2012 and based in Gujarat, Iscon Balaji Foods produces a range of processed frozen potato products such as French fries, hash browns and coated snacks. The company supplies to quick-service restaurants and food distributors across India, as well as markets in Asia, the Middle East and Australia.
The company works with a large network of farmers to source potatoes, which are processed into frozen foods and dehydrated products. Its offerings are distributed to restaurants, retailers and international buyers. The fresh funding will support the next phase of growth, including expanding manufacturing capacity, developing new products and increasing its presence in international markets.
The investment reflects rising interest in India’s food processing sector, especially in frozen foods, driven by growing demand from quick-service restaurant chains and changing consumer preferences.
Earlier this year, Iscon Balaji Foods had raised around USD 70 million from 360 ONE Asset to strengthen supply chains, upgrade cold storage infrastructure and expand production capabilities.
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