360 ONE Asset Management (formerly IIFL Asset Management) is set to invest around $70 million in Iscon Balaji Foods Limited (IBF), India’s largest processor and exporter of value-added potato products. This is 360 ONE Asset’s biggest investment in the consumer sector to date.
Founded in 2013, IBF manages the entire potato production process—from developing seeds and partnering with farmers to processing and exporting finished products. The company was initially backed by the JP Iscon family and the Balaji Wafers family, which helped it expand and build its integrated operations.
Over the past decade, IBF has grown into one of the world’s top 10 frozen potato processors, supplying major quick-service restaurants and foodservice businesses across India, Southeast Asia, the Middle East, and the Far East.
IBF currently works with over 10,000 farmers to ensure high-quality potatoes. With this investment, it plans to expand the network to 25,000 farmers over the next three years, aiming to boost rural incomes and strengthen its supply chain.
“Over the last decade, we have focused on building a globally competitive, integrated food platform from India,” said Neel Kotak, Managing Director & CEO at Iscon Balaji Foods, in a media statement.
“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,” he added.
360 ONE Asset, which has backed Indian unicorns such as Swiggy and PharmEasy, runs both equity and credit investment strategies. It manages assets worth around $10 billion across strategies, with the VC and PE platform accounting for more than $3 billion. The firm makes equity investments across financial services, technology, consumer industries, and healthcare.
“This investment embodies our consumer strategy of backing scaled leaders in their categories, driven by exceptional founders,” said Tarun Sharma, Senior Fund Manager and Strategy Head, Consumer & Healthcare, at 360 ONE Asset.
Earlier this year, it invested Rs 170.60 crore (roughly $19.8 million) in Paras Healthcare, a multispecialty hospital chain in north India.
