Jungle Ventures Invests $20M in Walko Food to Fuel Expansion in the Indian Ice Cream Market
- ByStartupStory | February 21, 2024
In a significant move underscoring their confidence in Walko Food Company, Jungle Ventures has announced a second investment of $20 million in the Quick-Service Restaurant (QSR) giant. This injection of funds, following a previous investment in May 2023, reflects Jungle’s strong belief in Walko’s potential to become a dominant force in the Indian ice cream and desserts market.
Sanjiv Shah, Director of Walko Food Company, expressed enthusiasm about the collaboration with Jungle Ventures, stating, “This is a significant milestone for Walko. 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.”
Walko Food has been strategically expanding its product portfolio, with the introduction of Yummo, its latest ice cream brand tailored for the Indian mass retail market. The company, known for its commitment to using high-quality ingredients, exclusively manufactures Yummo ice creams from pure milk. This addition makes Walko Food the brand with the widest variety of ice creams among all competitors in India.
Arpit Beri, Partner, India Investments at Jungle Ventures, highlighted the company’s success in tapping into a multi-billion-dollar opportunity within the Indian ice cream industry. “Walko has showcased leadership in this segment with a diverse range of brands spanning various price points,” said Beri, emphasizing the significant shift in dessert consumption patterns in recent years.
The strategic moves made by Walko Food include establishing its own pan-India distribution system and creating a dark store network to directly reach consumers in metros and Tier 2 / 3 cities. Beri commended Walko’s uncharted path in brand creation, citing the company’s focus on delivering high-quality products as a testament to its vision of building a solid foundation for growth.
Earlier initiatives by Walko Food include the appointment of celebrity Rashmika Mandanna as the brand ambassador for its premium ice cream brand NIC, aiming to enhance brand presence among Indian consumers. The company also recently partnered with Zepto to distribute 250,000 cups of NIC ice cream, marking one of India’s largest ice cream giveaways to date.
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