Milk Mantra, the Odisha-based dairy food startup has confirmed pouching $10 million as part of a debt financing round from U.S. International Development Finance Corp. Notably, prior to this round, the firm had raised $29.5 million investment in various rounds from the backers like Neev Fund, Eight Roads Ventures, Aavishkaar Venture Capital, Mumbai Angels, and others.
The company was founded in 2009 by Srikumar Misra along with his wife Rashima Misra. The firm produces two flagship premium brands called Milky Moo and MooShake. Under these two brands, it produces and sells fresh dairy products, such as pure milk, probiotic dahi, paneer, lassis, buttermilk, sweet curd, desserts, and milkshakes.
Srikumar Misra, the CEO of the firm while speaking to Economic Times said that “In the last two years, we have been a bit muted, as we have been focusing on our core operations…We will also be investing in expanding our entire sourcing network, which consists of about 63,000 farmers, in terms of infrastructure, technology, and geographically as well."
The company claims to have around 15,000 daily pouring farmers in their network which it wants to grow to 25,000 in the next 2-3 years. Milk Mantra has plants in Odisha. With the ongoing COVID-19 outbreak, Misra expects the Q4 numbers to grow significantly.
DFC’s social enterprise finance team director Ajay Rao talking about the firm and the financing said that “We have been very impressed by the Milk Mantra team and its efforts to build a socially responsible business that empowers smallholder farmers while strengthening food security. We are excited about our collaboration with Milk Mantra, which will help the company scale up its operations by supporting expanded processing and sourcing capacity."
It will be interesting to see how the firm manages to utilize the funds and move to newer heights while giving opportunities for employment to the locals.
Image courtesy: Laffaz