Jungle Ventures Pours Another USD 20 Mn into Indian Ice Cream Brand Walko Food The Mumbai-based ice cream brand Walko Food's aims to use the raised funds to supercharge Walko's expansion across its product portfolio and accelerate its penetration into the Indian ice cream market.
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Ice cream brand and a quick-service restaurant (QSR) startup, Walko Food, on Wednesday announced that it has raised USD 20 million in a new funding round led by existing investor Jungle Ventures.
In less than a year, this marks Jungle's second investment in Walko Food.
The startup said that the most recent funding round will further supercharge Walko's expansion across its product portfolio and customer reach and accelerate its penetration into the Indian ice cream market.
Since its last funding round with Jungle in May 2023, by launching its newest ice cream brand Yummo for the Indian mass retail industry, Walko Food's claims that it has tapped into a USD 3 billion opportunity.
Sanjiv Shah, Director, Walko Food Company said, "The capital raised will help to expand Walko's operational capacity, enrich our product offerings, and diversify with the mass-market ice cream brand-Yummo. This collaboration is a testament to Jungle Ventures' confidence in Walko's management team and its vision to nurture and grow our existing brands, including NIC, Grameen Kulfi, and Cream Pot, across various sales channels."
Founded in 2012 by Jeetendra Bhandari, Sanjiv Shah and Raj Bhandari, Walko offers thick shakes, frozen desserts, kulfis, and premium ice cream under the names NIC, Grameen Kulfi, Yummo, and Cream Pot. Food tech and rapid commerce platforms like Instamart, Zomato, Swiggy, and Blinkit, among others, sell its products.
Arpit Beri, Partner, India Investments at Jungle Ventures, stated, "In recent years, ice cream has captivated Indian consumers, causing a structural shift in dessert consumption patterns from traditional Indian sweets to ice cream. Walko has showcased leadership in this segment with a diverse range of brands spanning various price points. At Jungle, we have been profoundly impressed by the overwhelming consumer love for Walko products and the way the founding team is establishing a modern FMCG house of brands."
"Walko has followed an uncharted path in creating its brands; whether it is establishing its own pan-India distribution system or establishing a dark store network to reach the consumers directly in metros and Tier 2 and 3 cities. The management's sharp focus on delivering high-quality products is a testament to the Company's vision of building a solid foundation for growth," Beri added.
In an effort to increase brand awareness among Indian consumers, the startup previously appointed actor Rashmika Mandanna as its brand ambassador for its premium ice cream brand NIC.
