With the acquisition of Mumbai-based Meemee’s Ice Creams, premium dessert brand Walko Food Company has entered the artisanal dessert market.
Walko intends to use this to broaden its product line and reach more urban and tech-savvy customers.
Meemee’s has established a specialized following among younger audiences thanks to its products, which include Toasties, Roley’s, and Tubsters. By utilizing Walko’s supply chain and presence in 100 cities, the acquisition will assist the brand in growing its direct-to-consumer presence.
Walko distributes its brands, which include NIC Ice Creams, Grameen Kulfi, and Mimo Ice Creams, via Swiggy, Zomato, Blinkit, and Amazon. Supported by JM Financial and Jungle Ventures, the company aims to enter the Rs 44,000 crore ice cream market in India, which is expanding at a rate of about 11% CAGR.
A new funding round led by longtime investor Jungle Ventures raised $20 million for Walko Food’s NIC in February of last year.
Both modern and well-known brands like Cream and Fudge, Havmor, Baskin Robbins, Kwality Walls, Mother Dairy, Cream Bell, Amul, and Vadilal are competitors of NIC.
