Akshayakalpa Organic, a startup specializing in organic dairy products, secured INR 100 crore (approximately $12 million) in its Series C funding round, with A91 Partners leading the investment. This funding marks a significant milestone for the Bengaluru-based company, as it comes after a hiatus of 16 months.
According to regulatory filings obtained from the Registrar of Companies (RoC), Akshayakalpa Organic’s board has approved a special resolution to raise INR 100 crore or $12 million by issuing 41,35,010 Series C CCPS at an issue price of INR 241.84 each.
In the funding round, A91 Partners took the lead by contributing INR 64.8 crore, while existing investors Rainmatter Capital and British International Investment, the UK’s development financial division, injected INR 18.6 crore and INR 16.6 crore respectively.
Established by GNS Reddy and Shashi Kumar, Akshayakalpa asserts that it delivers organic milk and associated products to more than 60,000 customers every day in Bengaluru, Hyderabad, and Chennai through its direct delivery platform. The company’s offerings are accessible at 2,000 retail outlets and on all major e-commerce and quick commerce platforms.
Valuation and Shareholding of Akshayakalpa Organic
According to TheKredible estimates, the company has been valued at around INR 590 crore or $72 million post-allotment.
This tranche appears to be a part of a larger round, and the shareholding pattern may vary after the completion of Series C.
The company also passed a separate resolution to increase the size of the ESOP pool by adding fresh options worth INR 5 crore. According to TheKredible estimates, the total ESOP size of Akshayakalpa Organic, after adding fresh options, is worth INR 22.6 crore or $2.75 million.
Akshayakalpa is reportedly in discussions to raise $25 million in its Series C funding. Back in September 2022, the company successfully secured $15 million in a Series B round, with notable contributions from British International Investment, Rainmatter Foundation, and other investors. Interestingly, just last week, Country Delight, a key competitor and a prominent player in the D2C dairy sector, reportedly raised $20 million from both new and existing investors.
Continue Exploring: Organic dairy startup Akshayakalpa eyes $25 Million funding from A91 Partners, targets $75-80 Million valuation
Akshayakalpa witnessed a substantial 66% increase in revenue from operations, reaching INR 191 crore in the fiscal year ending March 2023, compared to INR 115 crore in FY22. However, according to TheKredible, its losses also rose by 89% to INR 36 crore in FY23.