Pune-based Walko Food, which owns the ice cream brand NIC, has secured $11 million in a growth funding round led by Jungle Ventures.
The fresh capital will be used to accelerate Walko’s production capabilities, enhance its product offerings, and distribution reach. Besides this, the company is also looking to invest in its technology systems.
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. We plan to invest heavily in the systems and other resources required to achieve the growth.”
Walko was founded in 2012 by Jeetendra Bhandari, Sanjiv Shah, and Raj Bhandari with a focus on frozen dessert products. The company launched the NIC brand in 2015.
Walko Food records 90% CAGR
Walko claimed to have recorded a compounded annual growth rate (CAGR) of 90% in the last five years and has a presence in over 100 cities across India.
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.”
Walko’s ice cream is made with fresh cream, milk, and fruits. The company offers a wide range of flavors, including chocolate, vanilla, strawberry, mango, and pistachio. Walko’s ice cream is available in both cups and tubs.
The company’s products are sold through a network of distributors and retailers across India. Walko also has an online store where customers can order ice cream directly from the company.
Walko’s growth comes at a time when the Indian ice cream market is growing rapidly. The market is expected to reach $11 billion by 2025, growing at a CAGR of 15%. The growth of the market is being driven by rising disposable incomes, increasing urbanization, and growing demand for premium ice cream products.
Walko is well-positioned to capitalize on the growth of the Indian ice cream market. The company has a strong brand, a wide range of products, and a strong distribution network. With the new funding, Walko Food is well-funded to expand its business and capture a larger share of the market.
In addition to its ice cream business, Walko also has a range of other frozen dessert products, including gelato, sorbet, and frozen yogurt. The company is also planning to launch a range of new products in the coming months.
Walko is committed to providing its customers with high-quality, innovative frozen desserts. The company is constantly innovating and developing new products to meet the changing needs of its customers.
So far, the company has cumulatively raised $8.65 million in funding, as per data from Tracxn, and it raised its last round worth $6.1 million in June 2021 led by J M Financial.