India: Drums Food raises $14m funding led by Verlinvest, DSG Consumer

Belgium-based investment firm Verlinvest and early stage investor DSG Consumer Partners, have led a Rs 90 crore ($14 million) funding round in yogurt and ice cream maker Drums Food International.

The round also included venture debt participation from Temasek Holdings-backed InnoVen Capital, the company said in a release.

Mumbai-based Drums Food manufactures the Epigamia brand of Greek yogurt and the Hokey Pokey brand of premium ice cream.

Founded in 2008 by Rohan Mirchandani, chef Ganesh Krishnamurthy and Uday Thakkar, Drums Food plans to use the funding to innovate and launch new flavours, initiate brand-building activities and increase production capacity.

The company also has plans to set up a new production facility in south India to complement its plant on the outskirts of Mumbai.

Verlinvest and DSG Consumer Partners had also led a $6.6 million Series A funding round in Drums Food in July last year.

The company also announced that Arjun Anand from Verlinvest’s Singapore office, and Prashant Chhaya, former Executive Director at Cadbury (Mondelez International), will join the bompany’s Board of Directors.

“The value added dairy market in India is predicted to grow at double digit rate over the next few years. With rising popularity of probiotic products, superior offering, higher level of brand recall & awareness & increased market penetration, Epigamia is well placed to lead the Greek yogurt market in India,” said Prashant Chhaya.

The investment in Drums Foods is Verlinvest’s second in India this year. It pumped in Rs 200 crore in online learning app Byju’s in March. The company is also an investor in New Delhi-based specialty condiments manufacturer and supplier Veeba Food Services, along with Singapore-based early-stage investor DSG Consumer.

Also Read:

India: Verlinvest, DSG Consumer invest $6.6m in Drums Food

India: Edutech startup Byju’s raises $30m from Verlinvest

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.