Pune-based Walko Food, the owner of the renowned ice cream brand NIC, has successfully raised $11 million in a growth funding round led by Jungle Ventures. This significant investment reflects the confidence placed in Walko Food and its delicious NIC ice cream by Jungle Ventures and highlights the brand’s potential for further growth and success.
According to Tracxn data, the total funding raised by the company has reached $8.65 million. In June 2021, the company successfully secured its latest funding round of $6.1 million, with J M Financial leading the investment.
With the newly acquired capital, the company aims to bolster its production capabilities, improve its product offerings, and expand its distribution network. Additionally, the company intends to invest in its technology systems. Its overarching goal is to seize a greater portion of the ice cream market in India.
In 2012, Jeetendra Bhandari, Sanjiv Shah, and Raj Bhandari Co-Founded Walko Food with a specific emphasis on frozen dessert products. The company then introduced its ice cream brand NIC in 2015.
Speaking on the funding, Walko Food Director Sanjiv Shah said, “With this new investment, we will continue to expand our reach, enhance our product portfolio, and earn a position as one of the market leaders in the ice cream industry. The company plans to invest heavily in the systems and other resources required to achieve the growth.”
Over the past five years, Walko has achieved an impressive compounded annual growth rate (CAGR) of 90%. Its reach extends to more than 100 cities across India, solidifying its presence in the market.
Arpit Beri, Principal, India Investments at Jungle Ventures—a Singapore-based venture capital firm focused on early to growth-stage companies in Southeast Asia and India—said, “We see enormous potential in Walko to revolutionise the Indian ice cream and desserts industry. Through disruptive innovation across the entire value chain, from supply chain optimisation to pioneering modes of preparation, Walko is poised to become a major food company.”