Akshayakalpa Organic raises $15 million in Series B round of funding
- ByStartupStory | September 9, 2022
Akshayakalpa Organic, a dairy company located in Bengaluru that sells organic milk and milk products, has secured $15 million in a Series B funding round headed by British International Investment (BII), Rainmatter Foundation, and current investor Venture Dairy.
Previously, the business secured $3.2 million in a Series A round from Lok Capital and Venture Dairy in April 2021. It has so far raised $18.9 million in three fundraising rounds.
Akshayakalpa, founded in 2010 by Dr. GNS Reddy and Shashi Kumar, has been producing organic milk and has experienced a compounded annual growth rate (CAGR) of 60% over the last five years. Akshayakalpa intends to invest in the markets of Bengaluru, Chennai, and Hyderabad, along with expanding into the cities of Pune, Mumbai, and Kochi, and distribute its long-shelf organic dairy products across India.
Akshayakalpa collaborates with over 750 farmer families and delivers organic milk and other products to over 60,000 customers in Bengaluru, Hyderabad, and Chennai via its direct delivery platform. Its products can also be found in over 2,000 retail outlets and e-commerce or quick commerce platforms.
On the funding received, Akshayakalpa Organic co-founder and CEO Shashi Kumar said, “With support from British International Investment, Rainmatter, and Venture Dairy, we hope to continue retaining the uncompromised quality of our products. We will continue to serve more customers while deepening our efforts to create sustainable farming systems and restore dignity to rural India.”
“The more I learned from Shashi and his team about what goes into the process of milk production, I have been conscious about how it is sourced. The processes they have in place to ensure sustainable milk production and the support they offer to improve farmer livelihoods are impressive. We are excited to support them on this journey.” said Nithin Kamath, founder, and CEO of Zerodha.
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