Quick-service restaurant (QSR) and ice cream brand Walko Food’s NIC has raised $20 million in a new funding round headed by current investor Jungle Ventures.
In less than a year, this is Jungle’s second investment in Walko Food. In May of last year, the Singapore-based venture capital firm led a $11 million funding round for Walko.
According to a press release from the company, the most recent funding round will hasten Walko’s entry into the Indian ice cream market and expand the company’s consumer base and product line.
With the help of Sanjiv Shah, Raj Bhandari, and Jeetendra Bhandari, Walko was co-founded in 2012 and offers premium ice creams, kulfis, frozen desserts, and thick shakes under the brands NIC, Grameen Kulfi, Yummo, and Cream Pot. Food tech and quick commerce platforms like Instamart, Zomato, Swiggy, and Blinkit, among others, sell the products.
With a presence in more than 100 Indian cities, Walko boasts a five-year compound annual growth rate of 90%.
The company recently collaborated with Zepto to distribute 250,000 cups of NIC ice cream, and it also named celebrity Rashmika Mandanna as its brand ambassador for its premium ice cream brand, NIC, in an effort to increase brand awareness.
New-age and well-known brands like Cream and Fudge, Havmor, Baskin Robbins, Kwality Walls, Mother Dairy, Cream Bell, Amul, and Vadilal are competitors of NIC.
From Rs 128 crore in FY22 to Rs 170 crore in FY23, NIC’s operating revenue climbed by 32%. According to the company’s consolidated financial statement, it reported a loss of Rs 26.55 crore for FY23 as opposed to a profit of Rs 85 lakh for FY22.
Early-stage, growth, and IPO startups are supported by Jungle Ventures. Kredivo, Moglix, Livspace, Builder.ai, Atomberg, and other companies are included in its portfolio.
