Jungle Ventures has led an $11-million growth equity funding round in Pune-based Walko Food-owned ice cream brand and quick-service restaurant (QSR) company NIC, the latter announced on Wednesday.
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, the startup said in a statement.
The company also plans to invest in efficiency management systems to strengthen its business operation and support its projected growth, the statement added.
“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 Walko Food director Sanjiv Shah.
Co-founded in 2012 by Jeetendra Bhandari, Sanjiv Shah, and Raj Bhandari, Walko claims to have achieved a CAGR of 90% in the last five years and has a presence in over 100 cities across India.
Earlier in 2021, Walko Food secured $4.8 million in funding from JM Financial.
INDIA DEAL MONITOR
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