Bengaluru-based organic dairy product maker Akshaykalp Organic has secured $15 million (approx. 117 crore as a part of a Series B funding round led by UK development finance institution (DFI) British International Investment, with participation from RainMatter and Venture Dairy, a top executive told VCircle.
Shashi Kumar, Founder and CEO, Akshaykalp Organic said that the company plans to increase its direct distribution channel, add more retailers and expand its footprint in Pune, Mumbai, Kochi and other southern regions.
Kumar and GNS Reddy, Akshaykalp offers organic milk and milk products that are free from antibiotics, synthetic additives and chemical pesticide residues. The startup claims to work with 750 farmer families and reaches out to over 60,000 consumers daily with its direct delivery platform, 2000 retail outlets and offering organic milk and milk products through its e-commerce platform. At present, it has 550 employees across India.
“After this investment, we want to scale up the density of our deliveries. We will also aim to launch new products which are scheduled over a period of next two to three years. We are also targeting export markets, mainly in the US, Canada and the Middle-East,” Kumar said.
He said, “With the support… we hope to continue serving more customers while maintaining the quality of our products, while also bolstering our efforts to build a sustainable farming system and restore the dignity of rural India.” will continue.”
“We recognize the company’s ability to build a thematic portfolio within the rapidly growing food industry and in an increasingly consumer-conscious market … directly to more consumers,” said Manav Bansal, Managing Director and Head of India, BII Told.
“The processes they have in place to ensure sustainable milk production and the support they provide to improve farmers’ livelihoods are impressive. We are excited to support them in this journey,” said Nithin Kamath, Founder and CEO, Zerodha and RainMatter.
BII, formerly CDC Group, last year announced a commitment to invest up to $1 billion in climate funding in India over five years.
Last year, Akshaykalp picked up approx. 25 crore from impact venture capital firm Lok Capital and US-based early-stage fund Venture Dairy.
The company had posted net sales of 117 crore during the financial year 2021-22 as against 103 a year ago, Kumar said.
Not many transactions have been reported in the dairy sector in India in the recent past. In May, Country Delight, a direct-to-consumer (D2C) food essentials brand, raised $108 million in a Series D round, raising its valuation to $615 million.
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