Odisha’s Milk Mantra raises Rs80 crore from venture capital funds
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Odisha-based consumer dairy foods company Milk Mantra Dairy Pvt. Ltd has raised Rs.80 crore from venture capital funds.
The series C funding round was led by Fidelity Growth Partners India with co-investment from Aavishkaar India II Co. Ltd, an existing investor. The transaction also provided an exit to most of the angel investors and Aavishkaar India Micro Venture Capital Fund.
A Milk Mantra statement said the funding would help it expand operations across eastern India and launch new products across key national markets.
“With this Series C raise, the company is well poised to expand further in its core regions as well as launch the long-planned milkshake. We are also happy to be able to provide our earlier investors and angels with a strong exit,” said Srikumar Misra, founder and CEO, Milk Mantra.
Founded in August 2009, Milk Mantra produces a range of dairy products. The company has a structured ethical milk sourcing programme, through which it collects milk from more than 20,000 farmers in 500 villages. Its products are available in Odisha, Kolkata and Jharkhand.
“We look forward to seeing the company scale massively in the coming months and years. They have a strong potential to help investors achieve a fantastic return and also help many lakhs of farmers,”said Abhijit Ray, co-founder and managing director, Unitus Capital.
Unitus Capital was the sole financial adviser to Milk Mantra on this transaction. Amarchand and Mangaldas, Wadia Ghandy and Universal Legal were legal advisers.