In a growth fundraising round headed by Jungle Ventures, Walko Food’s NIC, an ice cream brand and quick-service restaurant (QSR) business, has raised $11 million.
In a press release, the company stated that the newly acquired funds will be utilized to expand Walko’s production capabilities, improve its product range, and increase its distribution reach. Additionally, the Pune-based company intends to allocate funds towards efficiency management systems, such as enterprise resource planning (ERP) software, to enhance its business operations and facilitate its anticipated growth, as per reported by Entrackr.
At the beginning of 2021, Walko Food successfully raised $4.8 million in funding from JM Financials.
Founded in 2012 by Jeetendra Bhandari, Sanjiv Shah, and Raj Bhandari, Walko Food’s brand, NIC, has gained significant popularity as an ice cream brand on various food tech and quick commerce platforms like Instamart, Zomato, Swiggy, Blinkit, and more. Walko proudly boasts a remarkable compound annual growth rate (CAGR) of 90% over the past five years and has established its presence in over 100 cities throughout India.
Singapore’s Jungle Ventures recently concluded the funding of its $600-million fund dedicated to investments in India and South East Asia. The fund supports startups throughout their lifecycle, from the seed stage to becoming unicorns, as well as during the IPO stage. Jungle Ventures’ portfolio includes notable companies such as Kredivo, Moglix, Livspace, Builder.ai, Atomberg, and several others.