Homegrown PE fund Kedaara Capital is set to invest in Dairy Classic Ice Creams (Dairy Day), a leading ice cream brand in South India. This investment will also provide full exit to Motilal Oswal Private Equity and other Angel Investors, as stated in a press release.
With its headquarters in Bengaluru, Dairy Day has solidified its footprint across Karnataka, Tamil Nadu, Andhra Pradesh, Telangana, and Maharashtra, boasting a network of more than 50,000 retailers.
Dairy Day will soon augment its existing production capacity of two lakh litres per day by an additional 1.5 lakh litres per day. Moreover, it has attained a notable 30 percent compounded annual growth rate (CAGR) in revenue over the last decade.
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M.N. Jaganath, Managing Director and CEO, said, “Given the convergence of values and aspirations, we are confident Kedaara will help us deliver on our vision to make Dairy Day one of India’s most loved ice-cream brands. Their wealth of expertise and in-depth retail and consumer experience will be invaluable as we expedite our growth. We are confident of setting up world-class production facilities in various locations in the coming years.”
“Ice Cream is one of the fastest growing categories within the entire food & beverage segment. We are excited to partner with M.N. Jaganath, A. Balaraju, and rest of the team to help them unlock Dairy Day’s full potential, and further strengthen its leadership position,” said Sunish Sharma, Founder and Managing Partner of Kedaara Capital.
Kedaara manages a portfolio of $3.7 billion invested in numerous top-tier enterprises across diverse sectors such as consumer goods, financial services, pharmaceuticals/healthcare, technology/business services, and industrials.
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