Ice cream brand Walko Food raises $20M led by Singapore-based VC firm Jungle Ventures

Pune-based quick-service restaurant (QSR) and ice cream brand Walko Food has raised $20 million in a funding round led by Singapore-based venture capital firm Jungle Ventures.

This isn't the first time Jungle Ventures is investing in Walko Food. Previously, The VC firm invested $11 million in its growth round.

The latest round would help the company accelerate its growth, expanding its product range and customer base, particularly in the Indian ice cream market, as per the company's statement. 

Who are the founders?

Walko Food, founded in 2012 by Jeetendra Bhandari, Sanjiv Shah, and Raj Bhandari, has been at the forefront of the ice cream sector with its diverse brands such as NIC, Grameen Kulfi, Yummo, and Cream Pot.

The company claims to have witnessed a compound annual growth rate (CAGR) of 90% over the last five years. At present, Its products are available in over 100 cities across India through various food tech and quick commerce platforms.

Strategic initiatives and tapping a $3 billion market opportunity 

Walko Food said that its strategic initiatives, including the appointment of celebrity Rashmika Mandanna as the brand ambassador for NIC and partnerships for wider distribution, has enhanced its market presence.

With the introduction of Yummo, Walko aims to cater to the mass market, tapping into a $3 billion opportunity in the Indian ice cream industry, which is expected to grow annually by 10.86% from 2024 to 2028.

“Walko is tapping into a multi-billion-dollar opportunity in the Indian ice cream industry. In recent years, ice cream has captivated Indian consumers, causing a structural shift in dessert consumption patterns from traditional Indian sweets to ice cream. Walko has showcased leadership in this segment with a diverse range of brands spanning various price points,” Arpit Beri, Partner of India Investments at Jungle Ventures, said.

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