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Jungle leads $11M growth funding round in Walko Food

May 24, 2023
Portfolio News

Pune-based Walko Food’s NIC, India’s fastest growing ice cream brand and a leading quick-service restaurant (QSR) company, announced today that it has raised $11M in a growth funding round led by Jungle Ventures. The fresh funds will be deployed to expand Walko’s production capabilities, enhance its product offerings, and broaden its distribution reach, with the aim of capturing a larger share of the rapidly growing ice cream market. 

The company also plans to invest in efficiency management systems, including enterprise resource planning (ERP) software to strengthen their business operation and support its projected growth. 

Co-founded in 2012 by Jeetendra Bhandari, Sanjiv Shah, and Raj Bhandari, Walko’s brand, NIC has emerged as the most popular ice cream brand on food tech platforms and has established itself as a top brand in the ice cream category. Boasting a team of experienced industry professionals with international experience in Walmart, Coca Cola and other leading companies, Walko has achieved an impressive CAGR of 90% in the last five years and has extensive presence in over 100 cities across India.

Sanjiv Shah, Director, Walko Food said, “At Walko, we are devoted to spreading cheer and happiness to our customers through our delicious and innovative Honestly Crafted Ice Creams. With this new investment, we will continue to expand our reach, enhance our product portfolio, and earn a position as one of the market leaders in the ice cream industry. The company plans to invest heavily in the systems and other resources required to achieve the growth”

Arpit Beri, Principal, India Investments at Jungle Ventures said, “We see enormous potential in Walko to revolutionize the Indian ice cream and desserts industry. Through disruptive innovation across the entire value chain, from supply chain optimization to pioneering modes of preparation, Walko is poised to become a major food company. We had the privilege of speaking with hundreds of Walko consumers, and we were truly impressed by the unwavering consumer loyalty and remarkable brand recall they expressed. We are excited to invest in a company that is boldly reshaping a very traditional industry.” 

The company has gained a reputation for its high-quality ice cream offerings and has won the hearts of many Indian consumers with its innovative flavors, unique product offerings and honest ingredients. With this new capital, the company aims to take its brand to even greater heights and establish itself as a top brand in the Indian ice cream industry.

Earlier in 2021, Walko Food secured $4.8 million in funding from JM Financials.

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