Mumbai-based Drums Food manufactures the Epigamia brand of Greek yogurt and the Hokey Pokey brand of premium ice cream.
Its existing investors Fireside Ventures, TPG Growth India Head Vish Narain, Salarpuria Group scion Apurva Salarpuria, and crowd funding platform Ketto also participated in the Series A round.
Founded in 2008 by Rohan Mirchandani, chef Ganesh Krishnamurthy and Uday Thakkar, Drums Food plans to use the capital towards acquiring talent, and investing in its supply chain and increasing production capacity.
“We are in the process of scouting for a location, somewhere in north India, for a new production plant,” Mirchandani, CEO of Drums Food told DEALSTREETASIA. At present, the company manufactures out of its facility in Mumbai.
The funding will also enable Drums Food International to strengthen its direct distribution and automated sales process model. Drums Food plans to increase its presence to newer cities as well. At present, Epigamia, its Greek yoghurt brand, is available in Delhi, Mumbai, Bengaluru, Chennai and Hyderabad.
The round marks DSG Consumer Partners’ first investment with Verlinvest, a few months after the Belgian investor participated in DSG Consumers latest $35-million fund. In an interview to DEALSTREETASIA, Deepak Shahdadpuri, Managing Director, DSG Consumer Partners had said “Verlinvest has put in as much weight as the opportunity to co-invest as they have in wanting to back me as a fund manager, because they have done a lot of deals with me, they love consumer businesses, but their minimum investment is $15-20 million. Their view is for us to go and build the business and invest in Series A,B and C, but series D comes in then they can co invest with us.”
“This investment represents our first co-investment alongside DSGCP and fits well within our partnership to be a long-term supporter of young brands and talented entrepreneurs in growing categories in India,” said Nicholas Cator, Executive Director, Verlinvest.