- Partnership to accelerate growth in the global frozen potato products market
Mumbai, India, 19 May 2026 – Advent, a leading global private equity investor, today announced that it has agreed to invest USD $150 million for a significant minority stake in Iscon Balaji Foods Private Limited (“IBF” or “the Company”), a leading Indian manufacturer and exporter of processed frozen potato products. The investment is part of IBF’s USD $215 million Series A round, in which 360 ONE is also participating.
Founded in 2012, IBF is headquartered in Gujarat, India. The company manufactures a broad range of frozen potato products, including French fries, hash browns, coated fries, and other specialty 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, 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 rigor, supply-chain reliability, product quality consistency and prudent capital allocation. IBF has been at the forefront of this development, expanding its international customer base while maintaining a strong focus on profitable and disciplined growth.
The business is in the process of increasing its processing capacity significantly over the next 6 months with a new state-of-the-art manufacturing facility in Gujarat, positioning IBF to further strengthen its presence across global markets. Working closely with founder Neel Kotak, an IIT Bombay alumnus, and the management team, 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.
Shweta Jalan, Managing Partner at Advent, said, “We are delighted to be partnering with Neel and the IBF team. Over more than a decade, Neel has built IBF with discipline and assembled a very strong management team that is the foundation of everything the business has achieved. 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.”
Jayesh Kotak, Chairman of the Board at Iscon Balaji Foods, said, “Over the years, IBF has been built with a long-term mindset, with strong emphasis on relationships, governance and disciplined growth. We are pleased to welcome Advent as a partner for the next phase of the company’s journey.”
Neel Kotak, Chief Executive Officer at Iscon Balaji Foods Private Limited, said, “We have spent years building IBF into a business that can compete on the global stage – investing in the right systems, talent and capital discipline, because we believe that is what it takes to win in this category. 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. We are very excited about this next chapter of growth together.”
Sahil Dalal, Managing Director at Advent, said, “India is one of the most compelling growth stories in global food processing, and Iscon Balaji Foods sits at the heart of that opportunity. 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. We look forward to working alongside Neel and the team to accelerate what they have built.”
About Advent
Advent is a leading global private equity investor committed to working in partnership with management teams, entrepreneurs, and founders to help transform businesses. With 16 offices across five continents, we oversee more than USD $102 billion in assets under management* and have made 448 investments across 44 countries.
Since our founding in 1984, we have developed specialist market expertise across our five core sectors: business & financial services, consumer, healthcare, industrial, and technology. This approach is bolstered by our deep sub-sector knowledge, which informs every aspect of our investment strategy, from sourcing opportunities to working in partnership with management to execute value creation plans. We bring hands-on operational expertise to enhance and accelerate businesses.
As one of the largest privately-owned partnerships, our 655 colleagues leverage the full ecosystem of Advent’s global resources, including our Portfolio Support Group, insights provided by industry expert Operating Partners and Operations Advisors, as well as bespoke tools to support and guide our portfolio companies as they seek to achieve their strategic goals.
To learn more, visit our website or connect with us on LinkedIn.
* Assets under management (AUM) as of December 31, 2025. AUM includes assets attributable to Advent advisory clients as well as employee and third-party co-investment vehicles.
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