MUMBAI, India, June 14, 2021 / PRNewswire / – JM Financial Private Equity (the “ Fund ”) has an investment in a Pune-based packaged food company, Walko Food Company Private Limited (“ Walko ” or .) completed the ” Company ”) to fund the company’s current expansion plans. The proceeds from the Series A investment will support branding activities and the expansion of the company’s existing capabilities.
Walko Food Company owns a fast growing natural ice cream brand “ NIC ”. The company operates a manufacturing facility in Pune and does retail in over 50 cities across India through multiple distribution channels such as Food Delivery Platforms, Modern Trade, Parlors and HORECA. In a short time, NIC has become one of the leading national brands in the natural ice cream category and is the best-selling ice cream brand on FoodTech platforms. In addition to NIC, the company recently launched the desi kulfi brand ” GRAMEEN ”. The ice creams range from fruits, dried fruit varieties to international flavors such as sea salt caramel, Madagascar chocolate, French vanilla and Indian Mithais inspired such as Gulab Jamun, Sheer Khurma, Til Gud, Gajar Halwa, to name just a few. The company is founded by Mr. Jeetendra Bhandari, a first generation entrepreneur who brings decades of professional experience in the US with leading MNCs such as Coca-Cola and Walmart.
Commenting on the capital increase, Mr Jeetendra Bhandari (JB), Managing Director of Walko said: ” This growth capital infusion and partnership with an experienced investor like JM Financial Private Equity will help us accelerate our current expansion plans and increase our market share. NIC has also become a fast growing natural ice cream brand in the country in FY20-21 and is growing rapidly. Walko focuses on building brands that deliver quality, innovation and a superior customer experience. Walko plans to provide funds over the next 12 months to increase availability in over 100 cities, open flagship salons (Experience Centers), build a strong franchise network, expand production capacities and market them.
In the rapidly changing sales channels, the FMCG companies are adapting to the dynamic landscape. The home delivery channel will remain and Walko’s focus on developing NIC sales on this channel is paying off. The consumer insights are very encouraging for the NIC brand is strong. It seems anecdotal that the first discoverers of the brand have become committed “brand ambassadors”; with people who have gifted NIC among family and friends in newborns, a consumer who wants to give his friend a year-long supply of NIC for his birthday.
The per capita consumption of ice cream in India is very low compared to the G-20 economies and, as such, offers long-term growth opportunities. We see excellent growth potential for NIC and GRAMEEN in the coming years. ” Regarding the investment, Darius Pandole, Managing Director & CEO, PE & Equity AIFs, JM Financial said: “ The ice cream market is large and growing and we believe it is due to low ice cream consumption per capita, improved access and the development of multiple distribution channels and formats. Within the broader ice cream market, NIC has established a good product market with its differentiated, high-quality natural ice cream and direct-to-consumer strategy. All of these factors have resulted in strong brand recall for NIC and a healthy repetition rate. NIC is well positioned to address changing customer preferences for access to relatively healthier snacks with no preservatives. The fund infusion will help the company grow its business and increase its market share. ” This is the eighth investment from our Fund II and is in line with its stated strategy of investing in growth companies in the medium-sized sector.
Advisers on the transaction included Dexter Advisors (investment banker) and Think Law (legal advisor to JM Financial India Fund II).
About Walko: Walko Food owns and sells a fast growing direct marketer natural ice cream brand ” NIC ”. Walko also owns brands like Cream Pot (premium frozen desserts) and Café Chocolade (chocolate shake salons). For more information about NIC, please visit: http://nicicecreams.com/ Forward-Looking Statements This document is furnished for informational purposes only and any action that any person may take based on the information contained herein is the sole responsibility of that person.
DWR DWR
(This story was not edited by Devdiscourse staff and is automatically generated from a syndicated feed.)
source https://dailyhealthynews.ca/jm-financial-private-equity-invests-in-walko-food-company-pvt-ltd/
No comments:
Post a Comment