Hangpyo is an ice cream brand that secured $25 million in its institutional round. This funding round has the participation of various investors and was led by Faering Capital. This ice cream startup offers a variety of products including sorbet, low-calorie, and high-protein ice creams. The brand uses high-quality ingredients to provide its products.
The startup currently operates in 6 cities with more than 30,000 physical stores across the country. The company offers its services through both online and offline platforms. The startup previously raised $5 million in its series A funding round led by several angel investors. The founder of Hangpyo, Pradeep Pai mentioned that the investment will help the company to expand its services in other cities. This brand aims to use this partnership with Faering Capital to introduce more flavors and categories for its customers using this fund. Many ice cream brands like Go Zero have raised funds for business expansion in the past few months. Hangpyo has secured over $5.34 million across four rounds since its inception.
The company plans to grow its production while expanding its network across India. The co-founder of Faering Capital, Sameer Shroff mentioned that Hangpyo is a profitable company that offers quality products and has a strong customer base. The company shows excitement to work together with the startup in its expansion journey. The investment shows the trust of Faering Capital in Hangpyo’s market potential of this startup. The development came just after this market saw increased investor interest globally.
The company plans to use this investment to expand its network, meet public demands, advance its technology, and general corporate purposes. The firm competes with other ice-cream startups including NIC and Noto. At present, the company operates in six areas including Kerala and Tamil Nadu. The firm is aiming to establish new retail stores across the country using this investment. Hangpyo aims to become a key player and strengthen its position in the Indian ice cream market. This sector is valued at 3 billion USD and is expected to grow at a CAGR rate of 13.49 percent in the next six years.
Conclusion:
Ice cream startup, Hangpyo secured $25 million in its largest institutional round led by Faering Capital with the participation of other investors. The firm previously raised 5 million USD from Capvent and other investors in its Series A funding round. The firm plans to grow its production capabilities while expanding its network in India. The brand aims to introduce new flavors for its customers using this fund. The company offers services through omnichannel networks and has over 30,000 retail stores in South India. The brand is also aiming to launch new categories and formats for its customers using this fund. The brand faces competition from other ice cream companies including Dairy Day and Hocco. This investment will help the company expand its portfolio and market presence. The startup offers its products in cities including Tamil Nadu, Telangana, Goa, Kerala, Karnataka, and Maharastra.
