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India dairy food firm Milk Mantra grabs Series C funds

Milk Mantra, a dairy food company in Odisha, India, has closed Rs. 80 crores in Series C funding. Fidelity Growth Partners India led the round with participation from Aavishkaar India II Company Limited. Unitus Capital provided financial advice to Milk Mantra on the transaction.


Odisha-based consumer dairy foods company Milk Mantra has raised series C funding of Rs. 80 crores. This round of funding was led by Fidelity Growth Partners India along with co-investment from the existing investor, Aavishkaar India II Company Limited. The transaction also provided an exit to most of the angel investors and Aavishkaar India Micro Venture Capital Fund. Unitus Capital was the sole financial advisor to Milk Mantra on this transaction. Amarchand & Mangaldas, Wadia Ghandy and Universal Legal acted as legal advisors to this transaction.

Milk Mantra Dairy Private Limited was founded in August 2009 by Mr. Srikumar Misra with the conscious capitalist objective of building an innovative dairy products business with the latest technology, whilst creating sustainable impact among farmers.

The company produces a range of dairy products like milk, probiotic dahi, paneer, lassi and buttermilk under the engaging & challenger ‘Milky Moo’ brand from its state of the art processing plant situated at Gop, Odisha. This round of funding will help Milk Mantra expand its operations across Eastern India as well as launch Functional Milkshake across key national markets.

Milk Mantra has a structured Ethical Milk Sourcing programme through which it collects the highest quality milk from a network of more than 20,000 farmers covering more than 500 villages. Milk Mantra uses innovative technology in processing and packaging for its products and has positioned itself as a premium & innovative dairy brand. It currently sells in Odisha, Kolkata, & key markets in Jharkhand.

Srikumar Misra, the company’s Founder, MD &CEO, said that “Getting a large investor like Fidelity along with the continued support of Aavishkaar endorses Milk Mantra’s growth potential & strategy of focused functional innovation in creating an exciting brand whilst building our ethical sourcing.

With this Series C raise, the company is well poised to expand further in its core regions as well as launch our long planned functional milkshake. We are also happy to be able to provide our earlier investors and angels with a strong exit.”

Abhinav Sinha, MD of FIL Capital Advisors (India) Pvt. Ltd. said that “Fidelity is excited to partner with Milk Mantra and Srikumar Misra. Milk Mantra has used a unique branding strategy and ethical sourcing program to develop a dominant position in Eastern India. We look forward to actively supporting the company to achieve many more milestones in its growth path.” Abhinav Sinha will join Milk Mantra’s board of directors, along with Noshir Colah from Aavishkaar.

Noshir Colah, Operations Partner at Aavishkaar, said “Having backed Milk Mantra from its inception, we are very happy with how the company has been scaling up and we are pleased to continue to support it in its next leg of growth. We are keen to see it grow from strength to strength.”

Abhijit Ray, Co-Founder and MD of Unitus Capital said “Milk Mantra is an inspiring company, and we look forward to seeing them scale massively in the coming months and years! They are a great company with strong potential to help investors achieve a fantastic return and also help many lakhs of farmers.”

About Fidelity Growth Partners India: Fidelity Growth Partners India (FGPI) is the India-focused private equity arm of Fidelity Worldwide Investment, one of the largest institutional investors in the world with over US $ 2 trillion under management. FGPI seeks to invest in high-quality, high-growth companies in India across a broad range of sectors. FGPI is committed to making the companies it invests in leaders in their industries through access to patient capital with a long term investment mind-set, a powerful network of resources and a team of investment professionals with a proven track record of success. For more information, refer to

About Aavishkaar: Aavishkaar is a pioneer in early stage investing in India and has been active in the space for over a decade. Over time, Aavishkaar has built a track record of high impact scalable enterprises in its portfolio that span across seven key sectors, namely Agriculture and Dairy, Education, Energy, Handicrafts, Health, Water and Sanitation, Technology for Development and Microfinance and Financial Inclusion.

About Unitus Capital: Unitus Capital is a leading investment bank focused on helping raise capital for social enterprises across Asia. Unitus Capital has successfully raised close to US$1 billion in capital over the last 6 years, in a blend of equity, debt and structured capital transactions.