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Walko Food, an ice cream brand and quick service restaurant (QSR) startup, announced Wednesday that it has raised $20 million in a new funding round led by existing investor Jungle Ventures.
This is Jungle’s second investment in Walko Foods within a year.
The company said the latest funding round will further expand Walko’s overall product portfolio and customer reach, accelerating its penetration into the Indian ice cream market.
Since its last funding round with Jungle in May 2023, Wolco Foods has opened up a $3 billion opportunity with the launch of its latest ice cream brand ‘Yammo’ for the Indian mass retail industry. He claims to have grabbed it.
Sanjiv Shah, Director of Walko Food Company, said: “The funds raised will help expand Walko’s operational capabilities, enrich our product offering and diversify with our mass market ice cream brand Yummo. This partnership is a testament to Jungle Ventures’ confidence.” It is based on Walko’s management team and its vision to incubate and grow existing brands such as NIC, Grameen Kulfi and Cream Pot across various distribution channels. ”
Founded in 2012 by Jeetendra Bhandari, Sanjiv Shah and Raj Bhandari, Walko offers thick shakes, frozen desserts, kulfi and premium ice creams under the names NIC, Grameen Kulfi, Yummo and Cream Pot. Foodtech and rapid commerce platforms like Instamart, Zomato, Swiggy, and Blinkit sell the company’s products.
Arpit Beri, Partner, India Investments, Jungle Ventures, said, “In recent years, ice cream has captivated Indian consumers, triggering a tectonic shift in dessert consumption patterns from traditional Indian sweets to ice cream. “Walko has demonstrated leadership in this area.” “We have a diverse range of brands at different price points. At Jungle, we are excited about the overwhelming love consumers have for Walko products and how our founding team is establishing a modern FMCG brand house. I am deeply impressed.”
“Wolco is exploring uncharted paths in brand building, including establishing a unique pan-India distribution system and a dark store network to reach consumers directly in metropolitan, tier 2 and tier 3 cities. “The management team is focused on delivering high quality. -High quality products are a testament to our vision to build a solid foundation for growth,” said Beri. I added.
In an effort to increase brand awareness among Indian consumers, the startup had earlier appointed actor Rashmika Mandana as the brand ambassador for its premium ice cream brand NIC.
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