Singapore-based VC firm Jungle Ventures has announced a $20 million investment in India’s fastest-growing ice cream brand Walko Food, marking its second investment in less than 12 months. The investment comes on the heels of Walko Food’s introduction of its latest ice cream brand, Yummo, tapping into a $3 billion market.
Since its last funding round with Jungle in May 2023, Walko Food has been expanding its product portfolio and customer reach, with plans to further penetrate the Indian ice cream market with the latest capital infusion.
Sanjiv Shah, Director of Walko Food Company, expressed confidence in the collaboration, stating, “This collaboration is a testament to Jungle Ventures’ confidence in Walko’s management team and its vision to nurture and grow our existing brands, including NIC, Grameen Kulfi, and Cream Pot, across various sales channels.”
In addition to its expansion plans, Walko Food recently appointed celebrity Rashmika Mandanna as the brand ambassador for its premium ice cream brand NIC, further solidifying its position in the market.
Arpit Beri, Partner at Jungle Ventures, highlighted the significant opportunity in the Indian ice cream industry, stating, “Walko is tapping into a multi-billion-dollar opportunity in the Indian ice cream industry. In recent years, ice cream has captivated Indian consumers, causing a structural shift in dessert consumption patterns from traditional Indian sweets to ice cream.”
Jungle Ventures, which focuses on early to growth-stage companies in Southeast Asia and India, continues to demonstrate its confidence in Walko Food’s potential for continued growth and success in the competitive ice cream market. With the latest investment, Walko Food is well-positioned to further establish its presence and capture a larger share of the market.
Overall, the infusion of $20 million from Jungle Ventures into Walko Food underscores the confidence in the brand’s growth potential and its strategic vision for expansion in the burgeoning Indian ice cream market. This partnership is set to propel Walko Food to new heights and solidify its position as a leading player in the industry.
