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.
|Startup||Headquarter||Investment Size (USD)||Investment Stage||Lead Investor(s)||Other Investor(s)||Industry||Verticals|
|Milk Mantra||Bhubaneswar||10 million||Debt||DFC||-||Food||-|
|DROR Labs Pvt. Ltd||Gurugram||-||-||Gopi Latpate and Inflection Point (IP) Ventures||-||IT Security/Cybersecurity||-|
|Degreed||California/Bengaluru||32 million||-||Owl Ventures||-||Education/Training||EdTech|
|Pushp||Indore||16.4 million||-||A91 Partners||-||Food||-|
|Peppermint||Pune||-||Seed||Venture Catalysts, Naveen Kshatriya||-||Industrial Machinery||Robotics & Drones|
|Lattu Media||Mumbai||-||-||Bharti Airtel||-||Education/Training||EdTech|
|CasaOne||San Francisco/Bengaluru||50 millon||Debt||Credit Suisse||-||Consumer Services||E-Commerce|
|GoldenPi||Bengaluru||460,526||-||Rainmatter Capital||-||Financial Services||FinTech|
|GoMechanic||Gurugram||-||-||Pawan Munjal||Consumer Services||-|