Milk Mantra, an Odisha dairy startup has secured an undisclosed amount of series D funding, which was led by the Neev Fund and also had investments form Eight Roads Ventures and Aavishkaar. Neev Fund is backed by the State Bank of India, while Eight Roads Ventures and Aavishkaar are earlier investors in the startup.
Truly Pure Living
Milk Mantra works, chiefly in Odisha, to develop dairy products and innovative packaging formats for today’s urban customer. It works with over 35,000 farmers who are a part of its ‘Ethical Milk Sourcing Programme’ which helps a farmer get the right price for his milk as well as ensures he has access services which will enhance the quality and hygiene of his milk.
Milk Mantra has processing plants in Gop, Konark, Hatibari and Sambalpur.
Milk Mantra’s flagship brand is Milky Moo, which includes Truly Pure Milk, Probiotic Dahi, Paneer, Lassi, Buttermilk and Meethi Mishti Dahi. It also produces MooShake, a milkshake which contains curcumin, the active ingredient in Haldi. MooShake flavours include Nutty Badam, Peachy Strawberry and Slurpy Mango.
Milk Mantra last received funding in 2014, where it raised Rs.80 crore from Eight Roads and Aavishshkaar.
Now, it announces that it has raised an undisclosed amount form these two investors as well as chiefly from the Neev Fund. This funding is a part of a larger funding round which is still ongoing.
“Our whole focus has been to establish our dominance in eastern India… We are looking at multiple acquisitions in Jharkand, Chhattisgarh and Bengal. We are also looking to set up greenfield projects,” said Srikumar Misra, chief executive at Milk Mantra, to the Economic Times.