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NIC Parent Walko Food Secures $20 Mn Investment Boost from Jungle Ventures

Walko Food, the parent company of NIC ice cream, secures a $20 Mn investment boost from Jungle Ventures to fuel its expansion and innovation initiatives in the Indian ice cream market.

Expanding Horizons:

Walko Food, the parent company behind the beloved ice cream brand NIC, has clinched an additional $20 Mn investment from its longstanding supporter Jungle Ventures. This injection of capital is part of Walko's growth funding round, aimed at fueling its expansion endeavors in the Indian ice cream market.

Strategic Growth:

With this fresh infusion of funds, Walko plans to bolster its product portfolio, fortify its customer base, and solidify its footprint in the thriving Indian ice cream sector. The investment underscores Jungle Ventures' continued confidence in Walko's potential to capture significant market share and drive innovation in the ice cream industry.

Diversification Drive:

Walko Food, known for its commitment to quality and variety, recently introduced Yummo, a new ice cream brand catering to the Indian retail market. Leveraging pure milk as a key ingredient, Yummo boasts an extensive range of flavors, positioning Walko as a frontrunner in India's burgeoning ice cream landscape.

Strengthening Operations:

Sanjiv Shah, Director of Walko Food, highlighted the strategic importance of the capital infusion in enhancing Walko's operational capabilities, enriching product offerings, and spearheading the mass-market expansion of Yummo, underscoring Walko's commitment to delivering unparalleled taste and quality to consumers.

Untapped Potential:

Arpit Beri, Partner at Jungle Ventures, emphasized Walko's strategic prowess in tapping into the vast opportunities presented by the Indian ice cream industry. Beri lauded Walko's innovative approach, from establishing a robust distribution network to leveraging dark stores to directly engage with consumers across metro and Tier II and III cities.

Legacy of Excellence:

Founded in 2012 by Jitendra Bhandari, Walko Food has emerged as a powerhouse in the ice cream segment, boasting an extensive brand portfolio including NIC, Grameen Kulfi, Yummo, and Cream Pot. The company's relentless focus on quality and innovation has propelled it to the forefront of India's dynamic ice cream market.

Continued Investor Confidence:

Jungle Ventures' latest investment reaffirms its commitment to Walko's vision and growth trajectory, following its previous $11 Mn investment in May last year. With a track record of successful partnerships, Jungle Ventures continues to play a pivotal role in Walko's journey towards market leadership and culinary excellence.

Market Outlook:

With the Indian ice cream market poised for robust growth, Walko Food is well-positioned to capitalize on emerging opportunities and redefine the ice cream experience for consumers nationwide. As the industry continues to evolve, Walko remains dedicated to delivering irresistible flavors and memorable moments to ice cream enthusiasts across India.