Milk Mantra raises funds from Neev Fund, existing investors
Mumbai: Milk Mantra Dairy Pvt. Ltd, an east India-focused dairy company, has raised series-D funding led by Neev Fund, along with co-investment from existing investors Eight Roads Ventures and Aavishkaar.
Neev Fund is backed by country’s largest lender State Bank of India (SBI). The size of the investment has not been disclosed.
Odisha-based Milk Mantra, whose products include milk, buttermilk, curd and milk shakes under the Milky Moo brand, is backed by Eight Roads Ventures (formerly Fidelity Growth Partners India). In 2014, Milk Mantra raised series-C funding of Rs80 crore, led by Fidelity Growth Partners India and Aavishkaar India II Co. Ltd. The transaction provided an exit to angel investors and Aavishkaar India Micro Venture Capital Fund.
This latest round of funding will be used to expand operations. The company will look to acquire select high-quality dairy businesses in east India in the near future, according to Srikumar Misra, founder, managing director and chief executive officer.
As a part of this round, Ambalika Banerjee from Neev Fund and Dhyanesh Shah from Eight Roads will join the board of Milk Mantra, in addition to existing directors Noshir Colah from Aavishkaar and Kabir Narang from Eight Roads, and independent director Suresh Senapaty, a former chief financial officer of Wipro Ltd.