Milk Mantra, a company that is setting up an integrated dairy chain in Orissa and will sell milk and other dairy products across Eastern India, has closed its first funding round of undisclosed amount from rural focused equity fund Aavishkaar.
Aavishkaar will acquire a significant minority stake in the company.
Founded by CEO Srikumar Misra and co-founded by Ashit Mahapatra, Milk Mantra aims to become the leading milk brand in Eastern India.
Commenting on the investment, Srikumar Misra, said: “The association with Aavishkaar is a major step forward in realizing our objective of bringing modern agri-business practices to India, specifically, Odisha, an oft neglected and under marketed region, creating sustainable development and providing natural, healthier milk products to urban consumers.
“Aavishkaar’s understanding of early-stage ventures, and their socio-economic approach to investment makes them the ideal partner for this venture in our series A funding”, he added.
Aavishkaar India focuses on early stage investments across sectors such as healthcare, agriculture, education, technology, water and sanitation. Aavishkaar is currently raising two new funds for the rural and underserved space.