JM Financial Private Equity (the “Fund”) has finalized an investment in a Pune based consumer packaged food company, Walko Food Company Private Limited (“Walko” or the “Company”), to fund the Company’s current expansion plans. Proceeds from the Series-A investment will support brand building activities and augmentation of the existing capacities of the Company.
Walko Food Company owns a fast growing natural ice cream brand “NIC”. The Company operates a manufacturing plant in Pune and retails in over 50 cities across India, via multiple sales channel like Food Delivery platforms, Modern Trade, Parlors, and HORECA. In a short span of time, NIC has emerged as one of the leading national brand in the natural ice cream category and is the highest selling ice cream brand on FoodTech platforms. In addition to NIC, the Company has recently launched desi kulfi brand “GRAMEEN”. The ice creams range from fruit, dry fruit variants’ to international tastes like sea salted caramel, Madagascar chocolate, French Vanilla and the ones inspired from Indian Mithais like Gulab Jamun, Sheer Khurma, Til Gud, Gajar Halwa to name a few. The Company is founded by Mr. Jeetendra Bhandari, a first generation entrepreneur who brings decades of professional experience in USA with leading MNCs like Coca-Cola and Walmart.
Commenting on the capital raise, Mr. Jeetendra Bhandari (JB), Managing Director, Walko said, “This growth capital infusion and partnership with a seasoned investor like JM Financial Private Equity will help us accelerate our current expansion plans and expand market share. NIC has emerged as a fast growing natural ice cream brand in the country including during FY20-21 and is rapidly scaling up. Walko is focused on building brands which deliver on quality, innovation and superior customer experience. Walko plans to deploy funds to increase availability to 100+ cities in the next 12 months, open Flagship parlors (Experience Centers), develop a strong franchise network, manufacturing capacity expansion and marketing.
Read more/Source: PRNewswire
