Odisha based dairy startup Milk Mantra has acquired Sambalpur-based Westernland Dairy as its first acquisition. With this acquisition the company seeks to expand operations, which comes at a time when an increasing number of emerging ventures are taking on the established players in the Indian dairy space.
Founded by Srikumar Mishra in 2009, the company has acquired Westernland Dairy for about Rs 10 crore. Milk Mantra is looking to expand its operations further into Odisha, and enter Chhattisgarh and Jharkhand. The company produces a variety range of dairy products like milk, curd, lassi, panner under its Milky Moo label.
“This acquisition gives us the ability to increase our immediate processing capacity in western Odisha and other states, where we can extend our Milky Moo franchises,” said Misra, managing director and chief executive at Milk Mantra.
Milk Mantra is increasing its processing facility to 2.5 lakh litres per day from 75,000 litres per day by mid-2015.
Milk-Mantra is backed by investment firm Aavishkaar and private-equity company Fidelity Growth Partners India. At present it is working on launching dairy-based value added products such as functional milkshakes and probiotic drinks as well as boosting capacity at its current facility.
The company raised Rs. 80 Crore in its Series C Funding back in July this year.