Singapore-based venture capital firm Jungle Ventures, which focuses on early-growth stage companies in India and Southeast Asia, has invested an additional $20 million in Mumbai-based ice-cream brand and quick-service restaurant company Walko Food, per an announcement.
This is Jungle’s second investment in Walko Food in less than 12 months. The firm had last invested $11 million in Walko Food’s growth funding round in May last year.
Earlier in 2021, Walko Food secured $4.8 million in funding from JM Financials.
The fresh funding will help Walko’s expand its product portfolio and customer reach and accelerate its penetration into the Indian ice-cream market. 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 a $3-billion opportunity.
“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’s 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,” said Sanjiv Shah, Director, Walko Food Company.
Earlier, the company appointed celebrity Rashmika Mandanna as its brand ambassador for its premium ice-cream brand NIC to amplify brand presence among Indian consumers. It also recently partnered with Zepto to distribute 250,000 cups of NIC ice cream.
“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,” said Arpit Beri, Partner, India Investments, at Jungle Ventures.