Odisha based diary food startup Milk Mantra Dairy Pvt. Ltd. has raised Rs 80 crore in its series C funding round led by Fidelity Growth Partners India and existing investor Aavishkaar .
Aavishkaar India Micro Venture Capital Fund had invested a total of Rs 4 crore during 2009-2011 in the diary company. The stake held by Aavishkaar India Micro Venture Capital Fund has been bought by Fidelity Growth Partners India for Rs 5.6 crore. In the new funding round Aavishkaar II has invested which belongs to Aavishkaar Venture Management Services after Aavishkaar India Micro Venture Capital Fund’s exit.
The transaction provided an exit to Milk Mantra’s 25 angel investors. Currently, Aavishkaar and Fidelity India together hold around 70 percent stake in Milk Mantra. As a part of the investment deal Fidelity’s Abhinav Sinha and Aavishkaar’s Noshir Colah will join the company board.
Founded by Srikumar Mishra in 2009, Milk Mantra sells milk based products in Odisha, Kolkata and Jharkhand under the brand name Milky Moo. The company produces a variety range of dairy products like milk, curd, lassi, panner under its label.
The company has collaborated with processing and packaging technology experts, Tetra pack, Multivac and DeLaval to provide India’s first ever tetra packaging which prevents light exposure damage to milk.
On this event Srikumar Misra, CEO & MD of Milk Mantra said,
“Getting a large investor like Fidelity along with the continued support of Aavishkaar endorses Milk Mantra’s growth potential & strategy of focused functional innovation in creating an exciting brand whilst building our ethical sourcing. With this Series C raise, the company is well poised to expand further in its core regions as well as launch our long planned functional milkshake. We are also happy to be able to provide our earlier investors and angels with a strong exit”
“Milk Mantra has used a unique branding strategy and ethical sourcing programme to develop a dominant position in Eastern India. We look forward to actively supporting the company to achieve many more milestones in its growth path,” said Abhinav Sinha, MD of FIL Capital Advisors (India) Pvt Ltd.
Unitus Capita was the sole financial advisor and Amarchand & Mangaldas, Wadia Ghandy and Universal Legal were the legal advisors in this 80 crore deal.