Drums Food International Pvt. Ltd has raised Rs 90 crore ($13.8 million) in a Series B round led by existing investors Belgium’s Verlinvest and early-stage investment firm DSG Consumer Partners.
InnoVen Capital, a venture debt provider backed by Temasek Holdings, also took part in the round. Venture debt is becoming an important funding tool for companies as it rarely involves stake-dilution by promoters.
Floated in 2008, InnoVen Capital India has provided over 120 loans to more than 85 early- and mid-stage startups, including Byju’s, Snapdeal, FreeCharge, Myntra, OYO, Practo, Portea and Voonik.
Drums Food, the maker of Epigamia Greek Yogurt, will use the funds to launch new flavours, initiate brand-building and increase production capacity.
The company, founded in 2008 by Rohan Mirchandani, Ganesh Krishnamurthy and Uday Thakkar, also manufactures the Hokey Pokey brand of premium ice-creams.
The funding comes a year after Drums Food raised Rs 44.5 crore ($6.6 million then) in a Series A round led by Verlinvest. DSG Consumer Partners had come in as a new investor at that point.
Since its Series A round, the company claims to have expanded distribution by over five times. It also launched the Epigamia Snack Pack, which combines dry snacks with Greek yogurt using innovative packaging.