Fireside Ventures, Pi Ventures back Series A funding for Dev Milk Foods
- ByStartupStory | February 13, 2024
Dev Milk Foods Pvt. Ltd. (DMF), headquartered in Jaipur, secures funding from Fireside Ventures, Pi Ventures LLP, and angel investors. The company offers a range of dairy products under the brand “Frubon,” including ice cream, milk, and value-added dairy items.
DMF, established in April 2017, operates in over 40 cities in North India through various channels such as general trade, parlors, modern trade outlets like Reliance Retail, HORECA clients, and online platforms like Blinkit, Big Basket, and Swiggy Instamart.
With a remarkable compound annual growth rate (CAGR) exceeding 65%, DMF is poised to surpass Rs 100 crores in revenue for FY 2024. The funding will fuel expansion efforts, including bolstering retail presence, entering new North Indian markets, and enhancing production and distribution capabilities.
Rahul Verma, director of Dev Milk Foods, expresses enthusiasm about the collaboration with Fireside Ventures, stating, “We are very excited about the partnership with Fireside Ventures which will enable us to progress on our journey to become one of the most trusted Dairy brands in India.”
Fireside Ventures’ decision to invest in Frubon stems from their belief in the category’s broad appeal and the brand’s commitment to sustainability. Vinay Singh, co-founder and partner of Fireside Ventures, remarks, “Our decision to invest in Frubon was based on two premises: the universal appeal of the category and the focus on building a sustainable brand, from an efficient supply chain to maintaining a high quality of dairy products to giving back to society.”
DMF ensures transparent and fair processes in sourcing high-quality raw milk from farmer societies, emphasizing fair pricing and timely payments. The company also promotes farmer development and education initiatives to improve production quality.
The partnership with Fireside Ventures underscores DMF’s dedication to becoming a trusted name in the Indian dairy industry, with a focus on sustainability and societal impact.
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