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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.

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.

KisaanSay raises $2 Mn in pre-seed round led by Jungle Ventures

EntrackrEntrackr · 6m ago
KisaanSay raises $2 Mn in pre-seed round led by Jungle Ventures
Medial

KisaanSay, a cross-category direct-from-origin food brand, has raised $2 million in its pre-seed round led by Jungle Ventures through First Cheque@Jungle. The round also saw participation from senior leaders in the food industry. The proceeds will be used to strengthen KisaanSay’s marketing efforts, build team, and scale its operations, focusing on expanding the company’s product portfolio and distribution footprint. Founded by Nitin Puri, Manoj Karki, and Vaishali Mehta, KisaanSay bridges the gap between farmers and consumers by placing provenance. The brand partners with farmer collectives in natural farming clusters across mountain valleys, forests, tribal areas, and drylands, ensuring each product is grown, minimally processed, and packaged at its origin. With a portfolio of over 80 products spanning 12 categories, KisaanSay operates through a unique co-brand and co-profit partnership model with 20 farmer collectives representing more than 50,000 farmers. Its omnichannel distribution spans e-commerce platforms, its own direct-to-consumer channel, and retail stores in Delhi NCR.

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