Singapore-based early-growth-focused venture capital firm Jungle Ventures has backed ice cream brand and quick-service restaurant (QSR) company Walko Food with its second investment worth $20 million. The latest deal comes less than 12 months after Jungle Ventures’ first investment of $11 million in Walko Food in May 2023.
The new round will “further supercharge Walko’s expansion across its product portfolio and customer reach, and accelerate its penetration into the Indian ice cream market,” the company said in a statement.
Speaking on the latest investment, Sanjiv Shah, Director, Walko Food Company said, “The capital raised will help to expand Walko’s operational capacity, enrich our product offerings, and diversify with the mass-market ice cream brand – Yummo.”
Founded in 2012, Walko Food manufactures and sells premium ice creams, kulfis, frozen desserts and thick shakes through its brands viz., NIC, Grameen Kulfi, Yummo, and Cream Pot. Since last year, the company has introduced Yummo, the ice cream brand for the Indian mass retail market of around $3 billion.
“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,” said Arpit Beri, Partner, India Investments, Jungle Ventures.
Jungle Ventures is focused on startups in Southeast Asia and India and its portfolio includes regional and global category leaders including Kredivo, Moglix, Livspace, Builder.ai, Atomberg, and more.
In June 2023, Walko Food had signed actor Rashmika Mandanna as its brand ambassador for its premium ice cream brand NIC to amplify the brand presence amongst Indian consumers.
Indian ice cream market is expected to grow annually by 10.86 per cent between 2024 and 2028 from $5.33 billion in 2024, as per data platform Statista. The volume is expected to amount to 2.16 billion kg by 2028, growing by 11.1 per cent in 2025.