Jungle Ventures, Others Invest $11mn In Ice-cream Brand NIC


Pune-based Walko Food’s NIC, an ice cream brand and a leading quick-service restaurant (QSR) company, on Wednesday, raised USD 11 million in a growth funding round led by Jungle Ventures.

The fresh funds will be deployed to expand Walko’s production capabilities, enhance its product offerings, and broaden its distribution reach, with the aim of capturing a larger share of the rapidly growing ice cream market.

The company also plans to invest in efficiency management systems, including enterprise resource planning (ERP) software to strengthen their business operation and support its projected growth.

Co-founded in 2012 by Jeetendra Bhandari, Sanjiv Shah, and Raj Bhandari, Walko’s brand, NIC has emerged as the most popular ice cream brand on food tech platforms and has established itself as a top brand in the ice cream category. Boasting a team of experienced industry professionals with international experience in Walmart, Coca Cola and other leading companies, Walko has achieved an impressive CAGR of 90 per cent in the last five years and has extensive presence in over 100 cities across India.

Sanjiv Shah, Director, Walko Food said, “At Walko, we are devoted to spreading cheer and happiness to our customers through our delicious and innovative Honestly Crafted Ice Creams. 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. The company plans to invest heavily in the systems and other resources required to achieve the growth”

With this new capital, the company aims to take its brand to even greater heights and establish itself as a top brand in the Indian ice cream industry.

Earlier in 2021, Walko Food secured USD 4.8 million in funding from JM Financials.

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