Hangyo Ice Cream raises $25-M from Faering Capital

Mangaluru-based Hangyo Ice Creams has raised USD 25 million from Faering Capital. Axis Capital served as the financial advisor to Hangyo Ice Cream.Hangyo will use the new funds to enhance its production capabilities, focus on product development, and expand its presence.Founded in 2003 by Pradeep Pai, Hangyo offers ice creams in multiple formats. It has a strong presence in Karnataka, Tamil Nadu, Kerala, Goa, Andhra Pradesh, Telangana and Maharashtra. The firm claims to have tied up with nearly 350 distributors and more than 30,000 retailers.