360 ONE Asset Makes $70 Million Investment In Iscon Balaji Foods

360 ONE Asset, a wholly-owned subsidiary of 360 ONE WAM and one of India’s leading alternative asset managers, will invest approximately US$70 million in Iscon Balaji Foods Limited (IBF) — India’s largest potato processor and exporter of value-added potato products.

This transaction represents 360 ONE Asset’s largest investment in the consumer sector and marks a defining milestone in its dedicated Consumer strategy, underscoring the firm’s conviction in building scaled, consumption platforms of global relevance in India.

Tarun Sharma, Senior Fund Manager and Strategy Head, Consumer & Healthcare, 360 ONE Asset, said, “Iscon Balaji Foods is a unique platform—combining high growth, attractive margins and a large global market opportunity. Neel Kotak has built a globally competitive business with strong structural moats and a proven management team sharply focused on execution. This investment embodies our Consumer strategy of backing scaled leaders in their categories, driven by exceptional founders.”

Neel Kotak, Managing Director & CEO, Iscon Balaji Foods, said, “Over the last decade, we have focused on building a globally competitive, integrated food platform from India. As we enter the next phase of our journey — expanding capacity, product innovation, and international presence — 360 ONE Asset brings long-term capital and institutional partnership that aligns strongly with our vision. We look forward to working closely together as we continue to scale IBF into a leading global food processing company.”

Founded in 2013, IBF operates a fully integrated, export-oriented platform spanning seed development, farmer partnerships, large-scale processing, and global distribution. The company was backed by the JP Iscon family and the Balaji Wafers family in its early years, helping kickstart operations and scale its integrated model. Over the past decade, the company has grown into one of the world’s top 10 frozen potato processors, supplying leading QSR and foodservice customers across India, Southeast Asia, the Middle East, and the Far East.

Today, IBF partners with more than 10,000 farmers through its contract farming and proprietary seed development programme, enabling consistent quality, traceability, and higher farm-level productivity. With this investment, IBF plans to expand this network to over 25,000 farmers over the next three years, strengthening rural incomes while creating one of the most resilient and scalable supply chains in the global food industry.

The investment will support IBF’s next phase of growth, including significant capacity expansion, deepening of farmer-linked supply chains, upgrading processing and cold-chain infrastructure, launch of new value-added product lines, and expansion into additional international markets.

IBF operates in the US$60 billion global frozen potato products market, where it benefits from India’s agronomic advantages, cost leadership and proprietary strengths in seeds, R&D and long-term customer relationships — positioning the company to become a globally scaled food processing platform. 

Avendus Capital acted as the exclusive financial advisor to Iscon Balaji Foods on the transaction.