Akshayakalpa Organic raises $15M from BII, Rainmatter Foundation, others
, a dairy enterprise that offers organic milk and milk products, has raised $15 million in Series B round of funding from existing and new investors.
The new investors in this round were British International Investment (BII), a development finance institution from the UK, and Rainmatter Foundation. Existing investor Venture Dairy also participated in the round.
Akshayakalpa Organic had raised its Series A round in July 2019 with participation from Lok Capital and Venture Dairy.
Founded by Dr GNS Reddy and Shashi Kumar in 2010, Akshayakalpa has been producing organic milk, and recorded a 60 percent compounded annual growth rate (CAGR) over the last five years.
On the funding received, Akshayakalpa Organic co-founder and CEO Shashi Kumar said, “With support from British International Investment, Rainmatter, and Venture Dairy, we hope to continue retaining the uncompromised quality of our products. We will continue to serve more customers while deepening our efforts to create sustainable farming systems and restore dignity to rural India."
Akshayakalpa plans to now invest in Bengaluru, Chennai, and Hyderabad markets, expand into new geographies of Pune, Mumbai, and Kochi, and take its long-shelf organic dairy products pan India.
This organic dairy venture works with over 750 farmer families and supplies organic milk as well as other products to 60,000 plus consumers in Bengaluru, Hyderabad, and Chennai, through its direct delivery platform. Its products are also available across 2,000 plus retail outlets and ecommerce/quick commerce platforms.
Nithin Kamath, Founder and CEO ofand Rainmatter, said, "The more I learnt from Shashi and his team about what goes into the process of milk production, I have been conscious about how it is sourced. The processes they have in place to ensure sustainable milk production and the support they offer to improve farmer livelihoods are impressive. We are excited to support them on this journey."