Milk Mantra, an Odisha, India-based dairy food company, closed a Rs. 80 crores Series C funding.
The round was led by Fidelity Growth Partners India with participation from Aavishkaar India II Company Limited. The transaction also provided an exit to angel investors and Aavishkaar India Micro Venture Capital Fund. In conjunction with the funding, Abhinav Sinha, MD of FIL Capital Advisors (India), will join Milk Mantra’s board of directors, along with Noshir Colah from Aavishkaar.
The company intends to use the funds to expand its operations across Eastern India as well as launch Functional Milkshake across key national markets.
Founded in August 2009 by Mr. Srikumar Misra, Milk Mantra produces a range of dairy products like milk, probiotic dahi, paneer, lassi and buttermilk under the “Milky Moo” brand from a processing plant situated at Gop, Odisha.
Through its Ethical Milk Sourcing programme it collects high quality milk from a network of more than 20,000 farmers covering more than 500 villages.
It currently sells in Odisha, Kolkata, and key markets in Jharkhand.