[Funding alert] Walko Food Secures $20 Mn led by Jungle Ventures

Singapore-based VC firm focussed on early-growth stage companies in India and Southeast Asia, Jungle Ventures, continues its support for Walko Food, India’s fastest growing ice cream brand and leading quick-service restaurant (QSR) company, with another $20M in growth funding.

This is Jungle’s second investment into Walko Food within less than 12 months, marking its deep conviction in the company’s potential to emerge as a leading Indian ice cream and desserts brand. The latest round of capital will further supercharge Walko’s expansion across its product portfolio and customer reach, and accelerate its penetration into the Indian ice cream market.

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Commenting on the latest funding round, Sanjiv Shah, Director, Walko Food Company said, “We are thrilled to have Jungle Ventures as our partner. This is a significant milestone for Walko. 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. As a key player in the Indian ice cream industry, Walko remains committed to solidifying its position in the market and delivering unparalleled value to its customers and stakeholders.”

Since its last funding round with Jungle in May 2023, Walko Food has introduced Yummo, its latest ice cream brand created for the Indian mass retail market, tapping into a $3B opportunity. Known for its commitment to using only high-quality ingredients, Walko manufactures Yummo ice creams solely from pure milk. With the addition of Yummo, the company now offers the widest variety of ice cream amongst all brands in India.

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Arpit Beri, Partner, India Investments at Jungle Ventures, said, “Walko is tapping into a multi-billion-dollar opportunity in the Indian ice cream industry. 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 / 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 elaborated.

Earlier, the company appointed celebrity Rashmika Mandanna as its brand ambassador for its premium ice cream brand NIC to amplify brand presence amongst Indian consumers. It also recently partnered with Zepto to distribute 250,000 cups of NIC ice cream, marking one of India’s largest ice cream giveaways to date.

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About Walko Food

Walko Food is India’s leading ice cream and dessert brand, committed to delivering uncompromising quality, innovation, and a superior customer experience. Specialising in the manufacturing and selling of premium ice creams, kulfis, frozen desserts and thick shakes via its brands including, NIC, Grameen Kulfi, Yummo, and Cream Pot. Founded in 2012 by industry experts from the FMCG and F&B sectors, Walko Food offers India’s largest ice cream brand catalog.