Jungle Ventures pumps in another $20M into ice cream brand Walko Food

Walko Foods—parent company to ice cream brands NIC and Cream Pot—has secured $20 million in growth capital from Jungle Ventures, making it the Singapore-based early and growth-stage venture capital firm’s second investment in less than 12 months.

In a statement on Wednesday, the company said the capital infusion will enable it to expand its product portfolio and capture customers in India’s burgeoning ice cream and desserts industry.

“This collaboration is a testament to Jungle Ventures' confidence in Walko's management team and its vision to nurture and grow our existing brands, including NIC, Grameen Kulfi, and Cream Pot, across various sales channels," Sanjiv Shah, Director at Walko Food, said.

Further, Walko Food aims to improve its operational efficiency and diversify its mass-market ice cream brand, Yummo, launched in May 2023, shortly after Walko Food raised $11 million from Jungle Ventures, aiming to tap into the mass retail market by formulating desserts using pure milk.

"As a key player in the Indian ice cream industry, Walko remains committed to solidifying its position in the market and delivering unparalleled value to its customers and stakeholders,” Shah noted.

“Walko is tapping into a multi-billion-dollar opportunity in the Indian ice cream industry. In recent years, ice cream has captivated Indian consumers, causing a structural shift in dessert consumption patterns from traditional Indian sweets to ice cream. Walko has showcased leadership in this segment with a diverse range of brands spanning various price points,” Arpit Beri, Partner of India Investments at Jungle Ventures, said.

Recently, the company appointed actor Rashmika Mandanna as its brand ambassador for its premium ice cream brand NIC to amplify the brand presence among Indian consumers.