Advent Invests $150 Million in Minority Stake at IBF Frozen Food Company

Advent Invests $150 Million in Iscon Balaji Foods Private Limited

Advent, a leading global private equity investor, announced on Tuesday that it has agreed to invest $150 million for a minority stake in Iscon Balaji Foods Private Limited (IBF), a leading Indian manufacturer and exporter of processed frozen potato products. IBF is raising a total of $215 million from investors in its Series A funding round, with 360 ONE also participating in the fundraising.

IBF, founded in 2012, is headquartered in Gujarat and specializes in manufacturing a broad range of frozen potato products, including French fries, hash browns, coated fries, and other specialty products. With over a decade of experience, IBF has established itself as one of the highest quality producers of processed frozen potato products globally, supplying to quick-service restaurants and food-service distributors across India, South and far east Asia, the Middle East, and Australia.

The global market for exported processed frozen potato products has experienced steady growth over recent years. However, long-term success in the category continues to depend heavily on execution rigour, supply-chain reliability, product quality consistency, and prudent capital allocation. IBF has been at the forefront of this development, expanding its international customer base while maintaining a strong focus on profitable and disciplined growth.

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The business is in the process of increasing its processing capacity significantly over the next six months with a new state-of-the-art manufacturing facility in Gujarat, positioning IBF to further strengthen its presence across global markets. Working closely with founder Neel Kotak and the management team, Advent's investment will help accelerate IBF's next phase of growth across international and domestic markets, while continuing to strengthen the company's operating platform and product capabilities.

Shweta Jalan, managing partner at Advent, noted that the company is delighted to be partnering with Neel and the IBF team. "We are partnering with Neel and the IBF team to accelerate the company's next phase of growth and strengthen its operating platform and product capabilities," said company officials.

IBF's founder and CEO, Neel Kotak, emphasized the company's commitment to long-term growth and its focus on discipline and execution. "We have spent years building IBF into a business that can compete on the global stage – investing in the right systems, talent and capital discipline, because we believe that is what it takes to win in this category," he said.

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Sahil Dalal, Managing Director at Advent, highlighted the growth potential of the Indian food processing market. "India is one of the most compelling growth stories in global food processing, and IBF sits at the heart of that opportunity," he said. "The combination of structural cost advantages, a rapidly expanding export footprint, disciplined execution, and a founder-led team with real ambition makes this a distinctive partnership."