Advent, a leading global private equity investor, will invest $150 million for a significant minority stake in Iscon Balaji Foods, a leading Indian manufacturer and exporter of processed frozen potato products.
The investment is part of IBF’s $215-million Series A round, in which 360 ONE is also participating.
Founded in 2012, the company manufactures a broad range of frozen potato products, including French fries, hash browns, coated fries and other speciality products.
Built over more than a decade, IBF has established itself as one of the highest quality producers of processed frozen potato products globally, combining large-scale farming networks, modern, automated processing infrastructure and rigorous food safety and quality assurance systems.
IBF supplies to quick-service restaurants and food-service distributors across India, South and Far East Asia, West Asia and Australia.
The business is in the process of increasing its processing capacity significantly over the next six months with a new modern manufacturing facility in Gujarat, positioning IBF to further strengthen its presence across global markets.
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.
Neel Kotak, Chief Executive Officer, Iscon Balaji Foods, said Advent is the right partner for what comes next, bringing not just capital, but a strategic sounding board on the big decisions ahead, valuable relationships and deep operational expertise from scaling businesses internationally.
Sahil Dalal, Managing Director at Advent, 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.
Published on May 19, 2026
