StageDebt | Alive
Last Raised$10M | 3 yrs ago
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Latest Milk Mantra Dairy News
Apr 2, 2013
BY Sainul K Abudheen The funds will be used to increase the product range as well as to boost strategic initiatives. Orissa-based Milk Mantra Dairy Pvt Ltd has raised an undisclosed amount in Series B round from social venture capital firm Aavishkaar Venture Management Services Pvt Ltd, a top executive of the dairy company told VCCircle. The company, which raised a total of $5 million from a group of investors including Aavishkaar in February 2011, will use the amount to increase its entire product range, including the launch of yogurt-based products, Milk Mantra founder and CEO Srikumar Misra said. Founded in 2009, Milk Mantra sells fresh milk and milk-based products. Milk Mantra had recently expanded its operations to Kolkata in West Bengal and Raipur in Chhattisgarh. It has around 550 collections points in the eastern region. “We closed a fresh round of funding from Aavishkaar a month ago. We will be investing the money to increase the product range as well as on strategic initiatives,” he said. Misra said that the company has around 25,000 households using its products. As of now, the company is focusing more on the eastern parts of the country. The company wants to be the number one player in this region. “Unlike other companies, our products have longer shelf life. We have also rolled out a network of milk coolers in village networks in and around Puri and have hundreds of dairy farmers in our network. We source some of the purest milk via our stringent practices and chill it quickly to ensure milk stays fresh for processing,” he said. “Though we launched in 2009, we started selling products about 15 months ago only. During this time (15 months) we have significantly grown our revenues,” Misra noted. The company is now looking to achieve break-even in the next 5-6 months. Milk Mantra competes with some well-known names including Amul, which also exports to foreign markets. (Edited by Prem Udayabhanu) Milk Mantra Dairy Pvt. Ltd. (Milky Moo) Milk Mantra Dairy Pvt. Ltd. is engaged in the production, packaging and distribution of dairy products. The firm sells its product under the brand name Milky Moo. It products include milk, ghee, milk powder, cheese, butter, cream, curd and buttermilk. The company was founded in 2009 and is based in Bhubaneswar, Odisha. Head office:
Milk Mantra Dairy Frequently Asked Questions (FAQ)
When was Milk Mantra Dairy founded?
Milk Mantra Dairy was founded in 2009.
Where is Milk Mantra Dairy's headquarters?
Milk Mantra Dairy's headquarters is located at 7-8th floor, Z Tower, Bhubaneswar.
What is Milk Mantra Dairy's latest funding round?
Milk Mantra Dairy's latest funding round is Debt.
How much did Milk Mantra Dairy raise?
Milk Mantra Dairy raised a total of $33.31M.
Who are the investors of Milk Mantra Dairy?
Investors of Milk Mantra Dairy include U.S. International Development Finance Corporation, Aavishkaar, Eight Roads Ventures and Neev Fund.
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