Dev Milk Foods, a burgeoning startup renowned for its range of ice cream, milk, and value-added dairy items marketed under the Frubon brand, has successfully raised an undisclosed sum in its Series A funding round. The investment comes from notable backers including Fireside Ventures, Pi Ventures LLP (Narotam Sekhsaria Family Office), and a consortium of angel investors.
The Jaipur-based company plans to utilize the fresh funds to grow its existing retail footprint, enable expansion to North Indian cities via various retail channels, strengthen DMF’s production and distribution capability, and increase product offerings.
Established in 2017 by DD Verma, Frubon manufactures a variety of dairy products including ice cream, milk, flavored milk, cottage cheese, ghee, and buttermilk, among others.
Commenting on the funding, the startup’s director Rahul Verma said, “With the only ice cream manufacturing setup of its kind in Rajasthan, Frubon is in a unique position – strategically and geographically – to address various gaps and opportunities in the market.”
Frubon asserts that it has experienced growth of over 65% since its establishment and is projected to achieve revenue over INR 100 Cr in FY24.
Presently, Frubon’s products are available across 40 cities and towns in North India. They are sold through a network of distributors and via omnichannel mode, including Blinkit and Big Basket, among others.
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Apart from directly sourcing products from farmers, it also provides services such as farmer development and education initiatives.
In the competition among dairy startups, Frubon rivals companies such as MilkMantra, Country Delight, Moofarm, and Stellapps.
Among its competitors, Stellapps was reportedly in talks to raise around $20 million in its Series C funding round.
Additionally, Country Delight was reported to be planning a $20 million raise from its existing investors, including Singapore’s sovereign fund Temasek, Venturi Partners, and others.
As per a market study, the Indian dairy market generated a revenue of over $71 billion in 2024 and is expected to grow at a 6.77% CAGR by 2028.
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