Advent International has announced a $150 million investment in Iscon Balaji Foods (IBF) for a significant minority stake, marking a major investment in India’s fast-growing processed and frozen foods sector.
The investment forms part of IBF’s $215 million Series A funding round, with 360 ONE also participating in the transaction.
Founded in 2012 and headquartered in Gujarat, Iscon Balaji Foods manufactures and exports a wide range of processed frozen potato products, including French fries, hash browns, coated fries, and specialty potato offerings. The company supplies products to quick-service restaurants (QSRs) and food-service distributors across India, South and Far East Asia, the Middle East, and Australia.
The company is currently expanding its processing capacity through a new state-of-the-art manufacturing facility in Gujarat, expected to become operational over the next six months. The expansion is aimed at strengthening IBF’s position in both domestic and international markets amid rising global demand for frozen and convenience foods.
According to Advent International, the investment will support the company’s next phase of growth by enhancing manufacturing capabilities, strengthening operations, and expanding product offerings.
Neel Kotak, an IIT Bombay alumnus, will continue to lead the company alongside its existing management team. Advent said it plans to work closely with the founder and leadership team to accelerate IBF’s growth trajectory across global markets.
Shweta Jalan said the company sees strong long-term potential in IBF’s business model and management capabilities, highlighting the company’s disciplined approach to scaling operations over the past decade.
Meanwhile, Jayesh Kotak said the partnership with Advent would help the company strengthen its long-term growth plans while continuing to focus on governance, relationships, and operational expansion.
The deal reflects increasing investor interest in India’s processed food sector, particularly in frozen and convenience food categories driven by rising urbanisation, growth in QSR chains, and expanding global demand for value-added food exports from India.