Pune-based NIC, an ice cream brand owned by Walko Food raised $11 million in a growth funding round led by Singapore-based venture capital (VC) firm Jungle Ventures.
The business intends to use the new funds to increase its production capacity, improve its product options, and broaden its distribution reach. To boost its business operations, NIC also intends to invest in operational efficiency tools, such as enterprise resource planning (ERP) software.
NIC claims to have grown at a CAGR of 90% over the last five years and to have a presence in over 100 Indian cities.
“With this new investment, we will continue to expand our reach, enhance our product portfolio, and earn a position as one of the market leaders in the ice cream industry,” said Sanjiv Shah, director of Walko Food. The company intends to make significant investments in the systems and other resources required to achieve the growth.”
“We see enormous potential in Walko to revolutionise the Indian ice cream and desserts industry,” said Arpit Beri, principal of Jungle Ventures’ India ventures. Walko is positioned to become a big food firm through disruptive innovation across the whole value chain, from supply chain efficiency to pioneering techniques of preparation.”
