Kedaara Capital invests in ice cream brand Dairy Day

Kedaara Capital has made a significant investment in Dairy Classic Ice Creams Private Limited (Dairy Day), an ice cream brand based in Bengaluru.

The investment aims to boost the company's growth in India and provide Motilal Oswal Private Equity and other angel investors with a complete exit from the ice cream company, said a statement from the company.

The private equity firm plans to collaborate closely with the promoters and the management team in the next phase of the company's growth.

"We are delighted to welcome Kedaara as our valued partner for the next phase of our growth. Given the convergence of values and aspirations, we are confident Kedaara will help us deliver on our vision to make Dairy Day one of India’s most loved ice-cream brands. Their wealth of expertise and in-depth retail and consumer experience will be invaluable as we expedite our growth," said MN Jaganath, Managing Director and CEO; and A Balaraju, Director–Technical.

"We are confident of setting up world-class production facilities in various locations in the coming years. We are also thankful to Motilal Oswal Private Equity–our collaboration with them has been extraordinary. Our relationship has set a gold standard for what a true partnership should be,” they said.

EY acted as an exclusive investment banker for the transaction.

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Founded in 2002 by MN Jaganath, A Balaraju and team, Dairy Day has presence in Karnataka, Tamil Nadu, Andhra Pradesh, Telangana, and Maharashtra across 50,000 retailers. It offers a range of products in various flavours and formats, including cups, candies, sticks, cones, tubs, and cakes, across both traditional and online channels.

“Ice cream is one of the fastest growing categories within the entire food and beverage segment. Dairy Day’s dedication to quality and its commitment to delivering 'goodness' has resonated deeply with consumers across its target markets, propelling the brand to a market-leading position,” said Sunish Sharma, Founder and Managing Partner, and Anant Gupta, Managing Director, of Kedaara Capital.

Kedaara, a private equity firm in India, manages over $3.7 billion in businesses across consumer, financial services, pharma/healthcare, technology/business services, and industrial verticals, advising and investing in various sectors.