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.
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