This is the eighth investment from the Fund II, and is in line with its stated strategy of investing in growth companies in the mid-market space.
JM Financial Private Equity has finalised an investment of Rs 350 million in a Pune based consumer packaged food company, Walko Food Company Private Limited, to fund the Company’s current expansion plans.
Proceeds from the investment will support brand-building activities and augmentation of the existing capacities of the Company. This marks the closing of the eighth investment by JM Financial India Fund II.
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 channels like food delivery platforms, Modern Trade, Parlors, and HORECA. In a short span of time, NIC has emerged as one of the leading national brands 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 cream flavours range from fruit, dry fruit variants to international tastes like sea salted caramel, Madagascar chocolate, French Vanilla and the ones inspired by Indian Mithais like GulabJamun, Sheer Khurma, Til Gud, Gajar Halwa to name a few. The Company is founded by Jeetendra Bhandari, a first-generation entrepreneur who brings decades of professional experience in USA with leading MNCs like Coca-Cola and Walmart.
This is the eighth investment from the Fund II, and is in line with its stated strategy of investing in growth companies in the mid-market space.
Advisors on the deal included Dexter Capital Advisors (Investment Bankers), Think Law (legal advisor to JM Financial India Fund II) and Patanjali Associates (legal advisor to Walko Food Company).