Walko Food, an ice cream brand and quick-service restaurant (QSR) company said that it has raised $20 million in growth funding from Singapore-based VC firm focussed on early-growth stage companies in India and Southeast Asia, Jungle Ventures.
This is Jungle's second investment into Walko Food within less than 12 months. In May last year, the Pune-based firm had raised $11 million. The latest round of capital will be used for expansion of product portfolio, customer reach and go-to-market strategy, said the company
“We are thrilled to have Jungle Ventures as our partner. This is a significant milestone for Walko. The capital raised will help to expand Walko's operational capacity, enrich our product offerings, and diversify with the mass-market ice cream brand – Yummo,” stated Sanjiv Shah, Director, Walko Food Company.
“Walko is tapping into a multi-billion-dollar opportunity in the Indian ice cream industry. In recent years, ice cream has captivated Indian consumers, causing a structural shift in dessert consumption patterns from traditional Indian sweets to ice cream. Walko has showcased leadership in this segment with a diverse range of brands spanning various price points. At Jungle, we have been profoundly impressed by the overwhelming consumer love for Walko products and the way the founding team is establishing a modern FMCG house of brands,” said Arpit Beri, Partner, India Investments at Jungle Ventures.
“Walko has followed an uncharted path in creating its brands; whether it is establishing its own pan-India distribution system or establishing a dark store network to reach the consumers directly in metros and Tier 2 / 3 cities. The management's sharp focus on delivering high-quality products is a testament to the Company's vision of building a solid foundation for growth,” Beri elaborated.
Earlier, the company appointed celebrity Rashmika Mandanna as its brand ambassador for its premium ice cream brand NIC to amplify brand presence amongst Indian consumers. It also recently partnered with Zepto to distribute 250,000 cups of NIC ice cream giveaways.
