Walko Food‘s NIC, a renowned ice cream brand and quick-service restaurant (QSR), has secured $20 million in a recent funding round, spearheaded by its existing investor, Jungle Ventures.
This marks Jungle’s second investment in Walko Food in under a year. The Singaporean VC firm spearheaded an $11 million funding round for Walko last year in May.
Continue Exploring: Walko Food’s NIC ice cream brand secures $11 Million investment in funding round led by Jungle Ventures
The newly acquired capital will further propel Walko’s expansion across its product portfolio and customer reach, accelerating its penetration into the Indian ice cream market.
Speaking on the latest investment, Sanjiv Shah, Director, Walko Food Company said, “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.”
Established in 2012 by Jeetendra Bhandari, Sanjiv Shah, and Raj Bhandari, Walko offers premium ice creams, kulfis, frozen desserts, and thick shakes through its brands NIC, Grameen Kulfi, Yummo, and Cream Pot. These products are accessible on various food tech and quick commerce platforms like Instamart, Zomato, Swiggy, Blinkit, and others.
“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,” said Arpit Beri, Partner, India Investments, Jungle Ventures.
According to Walko, it has achieved a Compound Annual Growth Rate (CAGR) of 90% over the past five years and has established its presence in more than 100 cities throughout India.
Earlier, the company enlisted celebrity Rashmika Mandanna as its brand ambassador for its premium ice cream brand NIC to boost brand presence. Additionally, it recently partnered with Zepto to distribute 250,000 cups of NIC ice cream.
Continue Exploring: NIC Ice Creams unveils Rashmika Mandanna as inaugural brand ambassador, elevating the ice cream experience nationwide
NIC competes with both emerging and well-established brands, including Cream and Fudge, Havmor, Baskin Robbins, Kwality Walls, Mother Dairy, Cream Bell, Amul, and Vadilal.
In FY23, NIC saw a 32% increase in revenue from operations to INR 170 crore, compared to INR 128 crore in FY22. According to the company’s consolidated financial statement, it recorded a loss of INR 26.55 crore in FY23, contrasting with a profit of INR 85 lakh in the previous year.
According to Statista, the Indian ice cream market is projected to grow annually by 10.86% between 2024 and 2028, reaching $5.33 billion in 2024. The volume is expected to reach 2.16 billion kg by 2028, with a growth rate of 11.1% in 2025.