Frozen-foods maker HyFun Foods, a supplier to McDonald's and KFC, plans to raise up to Rs 2,000 crore (about $207.7 million) through an IPO by late 2028, its CEO said. The Gujarat-headquartered company expects to begin formal IPO preparations in mid-2027. The issue, composed largely of fresh shares, would fund capacity expansion as the company sharpens its focus on the domestic market. Managing Director and Group CEO Haresh Karamchandani said frozen foods such as French fries, pizzas and dumplings are gaining ground as consumers seek convenience amid the quick-commerce boom. 'The industry is at the cusp of a shift from fresh to frozen,' he said. Exports to more than 40 countries currently account for about three-fourths of revenue, but the company expects that share to fall to about half within five years as local demand rises. HyFun expects revenue to more than double to nearly Rs 3,500 crore by fiscal 2028. India's food services industry is expected to grow to $150 billion by the end of the decade from about $90 billion, according to Redseer Strategy Consultants.