Iscon Balaji Foods (IBF) on Tuesday said it is raising $215 million in a funding round, led by private equity major Advent International's $150 million investment.

The investment is part of a $215 million Series A funding by frozen potato products maker IBFL, in which 360 ONE is also participating, an official statement said.

Advent said it will be getting a significant minority stake in the Gujarat-headquartered company.

IBF is in the process of increasing its processing capacity significantly over the next six months with a new manufacturing facility in Gujarat, the statement said.

Advent's investment will help accelerate IBF's next phase of growth across the international and domestic markets, while continuing to strengthen the company's operating platform and product capabilities, it added.

Founded in 2012, IBF supplies 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 grown steadily over recent years, though long-term success in the category continues to depend heavily on execution rigour, supply-chain reliability, product quality consistency and prudent capital allocation.

The statement added that IBF has expanded its international customer base while maintaining a strong focus on profitable and disciplined growth.

"IBF stands apart for the rigour of its execution, the institutional maturity of its platform, and a track record of consistent, profitable growth across market cycles," Advent's managing partner Shweta Jalan said.

The company has been built with a long-term mindset, with strong emphasis on governance and disciplined growth, its chairman Jayesh Kotak said, adding that Advent will be a partner for the next phase of its journey.

Its chief executive, Neel Kotak, said the company has been built as a business that can compete on the global stage through investments in the right systems, talent and capital discipline.

"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," he added.

Published on May 19, 2026