India Deal Monitor: Milk Mantra snags $10m from DFC and more updates

Bhubaneswar-based dairytech startup Milk Mantra has secured $10 million in debt financing from US International Development Finance Corporation (DFC), per an announcement on Friday.

DFC has also approved technical assistance amounting to $371,000 (Rs 2.8 crore) to increase the impact of its loan to Milk Mantra, according to a statement.

“We have been very impressed by the Milk Mantra team and its efforts to build a socially responsible business that empowers smallholder farmers while strengthening food security. We are excited about our collaboration with Milk Mantra, which will help the company scale up its operations by supporting expanded processing and sourcing capacity,” Ajay Rao, director of DFC’s social enterprise finance team, said.

Odisha-based Milk Mantra, whose products include milk, buttermilk, curd and milk shakes under the Milky Moo brand, last raised $10 million in Series D funding led by Neev Fund, along with co-investment from existing investors Eight Roads Ventures and Aavishkaar in January 2017.

Over the last 8 years, Milk Mantra claims to have sustainably impacted over 60,000 farmer families, helping them increase productivity by 31 per cent, and incomes by 70 per cent.

INDIA DEAL MONITOR

Here are some prominent venture capital transactions in India between June 16 and June 21, 2020.

Expand Table

StartupHeadquarterInvestment Size (USD)Investment StageLead Investor(s)Other Investor(s)IndustryVerticals
Milk MantraBhubaneswar10 millionDebtDFC-Food-
DROR Labs Pvt. LtdGurugram--Gopi Latpate and Inflection Point (IP) Ventures-IT Security/Cybersecurity-
DegreedCalifornia/Bengaluru32 million-Owl Ventures-Education/TrainingEdTech
PushpIndore16.4 million-A91 Partners-Food-
PeppermintPune-SeedVenture Catalysts, Naveen Kshatriya-Industrial MachineryRobotics & Drones
Lattu MediaMumbai--Bharti Airtel-Education/TrainingEdTech
CasaOneSan Francisco/Bengaluru50 millonDebtCredit Suisse-Consumer ServicesE-Commerce
GoldenPiBengaluru460,526-Rainmatter Capital-Financial ServicesFinTech
GoMechanicGurugram--Pawan MunjalConsumer Services-

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.