Milk Mantra, an agricultural dairy products startup based in Odisha, has today announced that it has raised $10 million in its latest Series D funding round, led by SBI-backed Neev Fund.
Along with Neev Fund, existing investors of the firm — Eight Road Ventures, the proprietary investment arm of global asset management giant Fidelity International, and impact investor Aavishkaar, have also participated in this round.
That transaction saw the exit of the firm’s angel investors. Also, Aavishkaar sold the stake held by its previous fund, Aavishkaar India Micro Venture Capital. Also, the amount raised is said to be a part of a larger funding round that is expected to close over the course of the year.
The money raised in this Series D round will be used by the company for making acquisitions and expanding its footprint across eastern India. Srikumar Misra, chief executive at Milk Mantra, said,
Our whole focus has been to establish our dominance in eastern India… We are looking at multiple acquisitions in Jharkand, Chhattisgarh and Bengal.We are also looking to set up greenfield projects.
As a part of the investment, Ambalika Banerjee from Neev Fund and Dhyanesh Shah from Eight Road Ventures will now join the company’s board. Founded by Srikumar Misra in 2009, Milk Mantra is a company that creates innovative dairy products for customers.
Prior to this, the company had raised around Rs. 80 crore in its Series C round, in June 2014 from Eight Road Ventures and Aavishkaar. The firm has also completed its first buyout in November 2014 when it acquired Sambalpur-based Westernland Dairy for Rs. 10 crore.
With a 100% CAGR over past years and on track to reach its revenue goal, Milk Mantra has expanded its portfolio of products beyond Odisha to Kolkata, Bangalore, Hyderabad, and Ranchi. It’s Ethical Milk Sourcing Network has grown to nearly 35,000 farmers in the seven years of its operation.