ISN Exclusive: Ice cream brand NIC to raise $20 million from Singapore’s Jungle Ventures in round that will get larger

Indians seem to love their desserts and ice cream companies are riding the wave.

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NIC, an ice cream brand also called Walko Food, is all ready to raise $20 million in funding from Singapore-based Jungle Ventures, its existing investor, sources with confidential information told IndianStartupNews (ISN). 

This will be the third instance where Jungle Ventures will participate in NIC’s round, roughly in the past three years.

“The round will at least double in size as the two together look for new investors to put money into the company and become part of the growth journey,” a source told ISN on the condition of anonymity.

NIC has also appointed Avendus, India’s most successful banker, for the fundraise.

NIC, Jungle Ventures and Avendus chose not to reply to ISN’s queries. 

The money will be used for expansion. Earlier this year, Walko Food Company, the parent of premium ice cream brand NIC, had acquired Mumbai-based Meemee’s Ice Creams, a move that signals its foray into India’s burgeoning artisanal dessert market.

Founded in 2012 and headquartered in Pune, Walko is known for brands such as NIC Ice Creams, Grameen Kulfi, and Mimo. With this acquisition, it adds Meemee’s experimental and youth-centric formats—Toasties, Ice Cream Cakes, Roley’s, and Tubsters—to its growing portfolio.

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.

India’s ice cream and frozen dessert market is valued at Rs 44,000 crore (approximately $5.33 billion) and is projected to grow at a compound annual rate of 11% through 2028, according to industry estimates. 

The segment is witnessing a gradual shift from mass-market products to more niche, experience-driven formats, especially in Tier 1 and Tier 2 cities. Walko’s products are currently available in over 100 cities, with distribution across modern retail chains and quick-commerce platforms such as Swiggy,

Zomato, Amazon Fresh, and Big Basket. 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.

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.