Dev Milk Foods Raises Series A Funding Round to Expand Frubon Brand
- ByStartupStory | February 14, 2024
Dev Milk Foods, a Jaipur-based startup selling ice cream, milk, and value-added dairy products under the brand Frubon, has secured an undisclosed amount in a Series A funding round from Fireside Ventures, Pi Ventures LLP (Narotam Sekhsaria Family Office), and a group of angel investors. The company plans to use the fresh funds to expand its retail footprint, enable expansion to North Indian cities through various retail channels, strengthen its production and distribution capabilities, and increase its product offerings.
Founded in 2017 by DD Verma, Frubon manufactures ice cream, milk, and other dairy products including flavored milk, cottage cheese, ghee, and buttermilk, among others. Rahul Verma, the startup’s director, commented on the funding, stating, “With the only ice cream manufacturing setup of its kind in Rajasthan, Frubon is in a unique position – strategically and geographically – to address various gaps and opportunities in the market.”
Frubon claims to have grown more than 65% since its inception and is on track to achieve revenue of more than INR 100 Cr in FY24. The company’s products are currently available across 40 cities and towns in North India, sold through a network of distributors and via omnichannel mode, including Blinkit and Big Basket, among others.
In addition to sourcing products directly from farmers, Frubon offers facilities such as farmer development and education initiatives. In the dairy startup race, Frubon competes against the likes of MilkMantra, Country Delight, Moofarm, and Stellapps. According to a market study, the Indian dairy market generated revenue of $71 Bn+ in 2024 and is expected to grow at a CAGR of 6.77% by 2028.
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