India: Milk Mantra raises funds from Neev Fund, existing investors

Photo: Pixabay

Milk Mantra Dairy Pvt. Ltd, an east India-focused dairy company, has raised series-D funding led by Neev Fund, along with co-investment from existing investors Eight Roads Ventures and Aavishkaar.

Neev Fund is backed by country’s largest lender State Bank of India (SBI). The size of the investment has not been disclosed.

Odisha-based Milk Mantra, whose products include milk, buttermilk, curd and milk shakes under the Milky Moo brand, is backed by Eight Roads Ventures (formerly Fidelity Growth Partners India). In 2014, Milk Mantra raised series-C funding of Rs80 crore, led by Fidelity Growth Partners India and Aavishkaar India II Co. Ltd. The transaction provided an exit to angel investors and Aavishkaar India Micro Venture Capital Fund.

This latest round of funding will be used to expand operations. The company will look to acquire select high-quality dairy businesses in east India in the near future, according to Srikumar Misra, founder, managing director and chief executive officer.

As a part of this round, Ambalika Banerjee from Neev Fund and Dhyanesh Shah from Eight Roads will join the board of Milk Mantra, in addition to existing directors Noshir Colah from Aavishkaar and Kabir Narang from Eight Roads, and independent director Suresh Senapaty, a former chief financial officer of Wipro Ltd.

Also Read:

Indian dairy firm Milk Mantra in talks with Samara Capital to raise $30m

This article was first published on Livemint.com

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.