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Walko Food Company acquires Meemee’s Ice Creams

EntrackrEntrackr · 1m ago
Walko Food Company acquires Meemee’s Ice Creams
Medial

Walko Food Company acquires Meemee’s Ice Creams Premium dessert brand Walko Food Company has acquired Mumbai-based Meemee’s Ice Creams, marking its foray into the artisanal dessert market. With this, Walko plans to expand its portfolio and deepen its reach among urban and digitally-savvy consumers. Known for its offerings like Toasties, Roley’s, and Tubsters, Meemee’s has built a niche following among younger audiences. The acquisition will help the brand scale its D2C presence by leveraging Walko’s supply chain and presence across 100 cities. Walko operates brands like NIC Ice Creams, Grameen Kulfi, and Mimo Ice Creams, distributing through platforms like Swiggy, Zomato, Blinkit, and Amazon. The company, backed by JM Financial and Jungle Ventures, is looking to tap into India’s Rs 44,000 crore ice cream market, growing at ~11% CAGR. In February last year, Walko Food’s NIC had raised $20 million in a new funding round led by existing investor Jungle Ventures. NIC competes with new-age as well as established brands such as Cream and Fudge, Havmor, Baskin Robbins, Kwality Walls, Mother Dairy, Cream Bell, Amul, and Vadilal.

John Abraham-backed NOTO Ice Cream raises Rs 15 Cr

EntrackrEntrackr · 5m ago
John Abraham-backed NOTO Ice Cream raises Rs 15 Cr
Medial

John Abraham-backed NOTO Ice Cream has raised Rs 15 crore ($1.75 million) in a growth funding round led by Inflection Point Ventures (IPV), with participation from JITO Incubation and Innovation Foundation and LetsVenture. Prior to this, the Mumbai-based brand had raised Rs 4 crore in a pre-Series A round, which saw investments from Titan Capital, Rockstud Capital, Bollywood actor John Abraham, WEH Ventures, and other angel investors. The proceeds from this round will be used to accelerate expansion into Tier 1 and Tier 2 cities, drive product innovation, strengthen marketing efforts, and enhance offline presence to increase brand awareness, NOTO stated in a press release. Co-founded in 2019 by Varun and Ashni Sheth, NOTO Ice Cream aims to revolutionize the ice cream industry by offering indulgent yet healthy options that do not compromise on taste. The brand focuses on providing healthier alternatives without sacrificing flavor. It offers ice creams that are low-calorie, high-protein, and contain little to no sugar, allowing health-conscious consumers to indulge guilt-free. NOTO’s product range includes ice cream tubs and popsicles, Greek yogurt cheesecakes, and vitamin C-fortified fruit popsicles. The brand claims that its ice creams contain prebiotic fiber and protein and have no preservatives, artificial sweeteners, flavors, or colors, with 75% less sugar than regular ice cream. NOTO’s products are available on delivery platforms such as Swiggy, Zomato, Zepto, BigBasket, Instamart, and Blinkit. The company is also planning to expand its offline presence to reduce dependency on a single sales channel. According to market research, the Indian ice cream market was valued at Rs 228.6 billion in 2023 and is projected to reach Rs 956 billion by 2032. NOTO has already expanded across Mumbai, Delhi, Bangalore, Hyderabad, Chennai, and Pune, with plans to scale into Ahmedabad, Kolkata, and Lucknow. The brand competes with other players in the healthy ice cream space, including Habit Health, Get-A-Whey, Good Fettle, Papacream, and Nomou, among others.

Walko Food's NIC raises $20 Mn led by Jungle Ventures

EntrackrEntrackr · 1y ago
Walko Food's NIC raises $20 Mn led by Jungle Ventures
Medial

Walko Food’s NIC, an ice cream brand and a quick-service restaurant (QSR) company, has raised $20 million in a new funding round led by existing investor Jungle Ventures. This is Jungle’s second investment into Walko Food within less than 12 months. The Singapore-based VC firm led a $11 million round in Walko in May last year. The latest round of capital will further propel Walko’s expansion across its product portfolio and customer reach, and accelerate its penetration into the Indian ice cream market, the company said in a press release. Co-founded in 2012 by Jeetendra Bhandari, Sanjiv Shah, and Raj Bhandari, Walko sells premium ice creams, kulfis, frozen desserts and thick shakes via its brands including, NIC, Grameen Kulfi, Yummo, and Cream Pot. The products are available on food tech and quick commerce platforms such as Instamart, Zomato, Swiggy, and Blinkit, among others. Walko claims that it has achieved a CAGR of 90% in the last five years and has a presence in over 100 cities across India. Earlier, the company appointed celebrity Rashmika Mandanna as its brand ambassador for its premium ice cream brand NIC to amplify brand presence and it also recently partnered with Zepto to distribute 250,000 cups of NIC ice cream. NIC competes with new-age as well as established brands such as Cream and Fudge, Havmor, Baskin Robbins, Kwality Walls, Mother Dairy, Cream Bell, Amul and Vadilal. NIC’s revenue from operations increased 32% to Rs 170 crore during FY23 as compared to Rs 128 crore in FY22. As per the company’s consolidated financial statement, the firm posted Rs 26.55 crore loss in FY23 against Rs 85 lakh profit in the previous year. Jungle Ventures backs startups from early to growth to IPO stage. Its portfolio includes Kredivo, Moglix, Livspace, Builder.ai, Atomberg, and others.

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