Fidelity leads Series C for India's Milk Mantra

Previous backer Aavishkaar also took part in the round via Aavishkaar India II. The deal paved an exit for around 25 angel investors and Aavishkaar India Micro Venture Capital Fund.

Set up in 2009, Odisha-based Milk Mantra produces a range of dairy products including milk, probiotic dahi (a type of yoghurt), paneer (an Indian cheese), lassi yoghurt drinks and buttermilk under the premium Milky Moo brand. The company sources its milk from a network of more than 20,000 farmers covering 500 villages. It currently sells it products in Odisha, Kolkata and Jharkhand in Northeast India.

According to a release, the new funding will be used to help Milk Mantra expand its operations across Eastern India as well as launch new products. Abhinav Sinha, managing director at Fidelity, will join the Milk Mantra board, along with Noshir Colah from Aavishkaar.

"Milk Mantra has used a unique branding strategy and ethical sourcing program to develop a dominant position in Eastern India," said Sinha. "We look forward to actively supporting the company to achieve many more milestones in its growth path."

Unitus Capital was the sole financial advisor to Milk Mantra on the transaction. Amarchand & Mangaldas, Wadia Ghandy and Universal Legal acted as legal advisors.

 

• Tweet  
• Facebook  
• LinkedIn  
• Google plus  
• Save this article  
• Send to  

• Topics
• South Asia
• Early-stage
• Consumer
• India
• Venture
• Agriculture
• Consumer
• Fidelity Growth Partners India