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NIC Raises $11 Million In Growth Funding Led By Jungle Ventures The fresh funds will be deployed to expand Walko's production capabilities, enhance its product offerings, and broaden its distribution reach, with the aim of capturing a larger share of the rapidly growing ice cream market

By Teena Jose

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Pune-based Walko Food's NIC, an ice cream brand and a quick-service restaurant (QSR) company, has raised $11 million in a growth funding round led by Jungle Ventures. The fresh funds will be deployed to expand Walko's production capabilities, enhance its product offerings, and broaden its distribution reach, with the aim of capturing a larger share of the rapidly growing ice cream market.

"At Walko, we are devoted to spreading cheer and happiness to our customers through our delicious and innovative Honestly Crafted Ice Creams. 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. The company plans to invest heavily in the systems and other resources required to achieve the growth," said Sanjiv Shah, director, Walko Food.

With this new capital, the company aims to take its brand to even greater heights and establish itself as a top brand in the Indian ice cream industry. In an official statement the company said that it also plans to invest in efficiency management systems, including enterprise resource planning (ERP) software to strengthen their business operation and support its projected growth.

"Through disruptive innovation across the entire value chain, from supply chain optimization to pioneering modes of preparation, Walko is poised to become a major food company. We had the privilege of speaking with hundreds of Walko consumers, and we were truly impressed by the unwavering consumer loyalty and remarkable brand recall they expressed. We are excited to invest in a company that is boldly reshaping a very traditional industry," said Arpit Beri, principal, India Investments, Jungle Ventures.

Teena Jose

News Desk Reporter with Entrepreneur India

Teena is a post graduate in financial journalism. She has an avid interest in content creation, digital media and fashion.
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