Pandole sees growth in ice cream market
Mumbai’s JM Financial Private Equity financing Pune-based consumer packaged food company, Walko Food Company Private Limited’s expansion plans, making its ice cream brand “NIC” available in 100+ cities in the next 12 months.
“This growth capital infusion and partnership with a seasoned investor like JM Financial Private Equity will help us accelerate our current expansion plans and expand market share, Walko Managing Director Jeetendra Bhandari said in a release on 14 June from Mumbai.
NIC has emerged as a fast growing natural ice cream brand in the country including during FY20-21 and is rapidly scaling up. Walko is focused on building brands which deliver on quality, innovation and superior customer experience, he elaborated.
“Walko plans to deploy funds to increase availability to 100+ cities in the next 12 months, open Flagship parlors (Experience Centers), develop a strong franchise network, manufacturing capacity expansion and marketing,” said Bhandari.
In the fast changing Sales Channels, the FMCG companies are adapting to the dynamic landscape. Home Delivery channel is here to stay and Walko’s focus on developing NIC sales on this channel is paying off, he sai
Proceeds from the Series-A investment, Rs.350 million, will support brand building activities and augmentation of the existing capacities of the company.
Commenting on the investment, Darius Pandole, Managing Director & CEO, PE & Equity AIFs, JM Financial, said, “The ice cream market is a large and growing market and we believe that there is a long runway of growth on account of low per capita ice cream consumption, increased access and development of multiple distribution channels and formats.
“Within the broader ice cream market, NIC has established a good product market fit with its differentiated, high quality natural ice cream and direct to consumer strategy. All these factors have led to a strong brand recall for NIC and a healthy customer repeat ratio. NIC is well placed to address the changing customer preferences for access to relatively healthier, preservative free snacking options. The fund infusion will help the company scale-up its business and expand its market share.”
Walko Food Company owns a fast growing natural ice cream brand “NIC”. The Company operates a manufacturing plant in Pune and retails in over 50 cities across India, via multiple sales channel like Food Delivery platforms, Modern Trade, Parlors, and HORECA. In a short span of time, NIC has emerged as one of the leading national brand in the natural ice cream category and is the highest selling ice cream brand on FoodTech platforms. In addition to NIC, the Company has recently launched desi kulfi brand “GRAMEEN”. The ice creams range from fruit, dry fruit variants’ to international tastes like sea salted caramel, Madagascar chocolate, French Vanilla and the ones inspired from Indian Mithais like Gulab Jamun, Sheer Khurma, Til Gud, Gajar Halwa to name a few. #investment #retails #economy #food #consumers /fiinews.com
