Dairy Startup Frubon Is On Track to Clock Revenue of Over INR 100 Cr in FY 2024, Gets Series A Funding The Jaipur-based dairy startup claims that it has grown with a CAGR of more than 65% since it started commercial production and is on track to clock revenue of over INR 100 crore in FY 2024.
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Dev Milk Foods Pvt Ltd (DMF), a Jaipur-based dairy startup selling ice cream, milk and value-added dairy products under the brand "Frubon" has announced raising funding its Series A round of funding from Fireside Ventures, Pi Ventures LLP (Narotam Sekhsaria Family Office) and other angel investors.
Dexter Capital was the exclusive financial advisor to this transaction.
The startup claims that it has grown with a CAGR of more than 65% since it started commercial production and is on track to clock revenue of over INR 100 crore in FY 2024.
Commercially launched in April 2017, Frubon was founded by DD Verma.
Plans ahead
Speaking to Entrepreneur India, Rahul Verma, Cofounder at Frubon shared that Frubon is looking to expand its retail footprint and expand in various cities of North India through different retail channels. "The infusion of funds will also be used to strengthen the Company's production and distribution capabilities," he added.
"Our decision to invest in Frubon was based on two premises: the universal appeal of the category and the focus of building a sustainable brand, from an efficient supply chain to maintaining a high quality of dairy products to giving back to society," stated Vinay Singh, Co-founder and Partner, Fireside Ventures.
The present numbers
The startup claims to have a product suite of 200+ SKUs including a pure milk-based ice cream range of Kulfis, Cups, Sundaes, Cones, Party Packs, Tubs, Cakes, value added products including Flavoured Milk, Paneer, Ghee, Flavoured Fruit Lassi, Masala Buttermilk; and traditional dairy products.
It is present in over 40 cities and towns in North India and sells through a network of distributors and through direct channels including general trade, parlors, modern trade such as Reliance Retail, various prestigious HORECA clients and online quick e-commerce delivery apps such as Blinkit, Big Basket and Swiggy Instamart.
The startup said it has three milk collection centers spread across Rajasthan where raw milk is collected and tested for over 36 parameters of quality including tests on adulteration, microbiology, preservatives, chemical contamination, heavy metals, pesticides etc These tests are carried out on raw material, semi finished goods (during processing) and on finished goods. Besides, a number of tests are carried out on packaging material as well.
