JM Financial Private Equity on Wednesday announced a Rs 35 crore investment into Pune-based ice cream maker Walko Food Company for its expansion activities.
This is the eighth investment from JM Financial India Fund II, and the proceeds will be utilised to support brand building activities and augmentation of the existing capacities of Walko, as per a statement.
Walko's natural ice cream brand 'NIC' is manufactured at Pune and available in 50 cities nationally. It has also launched a kulfi brand recently.
"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's Managing Director Jeetendra Bhandari said.
The company plans to deploy the funds to increase geographic penetration, open flagship parlours (experience centres), expand manufacturing capacity and for marketing, he added.
"The domestic ice cream market is large and growing and we believe that there is a long runway of growth banking on low per capita ice cream consumption, foodtech platforms and development of multiple distribution channels and formats," JM Financial Private Equity MD and CEO Darius Pandole said.