Ice creams and desserts are two things Indians can’t get enough of. With the festive season approaching, ice cream companies are rapidly increasing production to maximize sales before the winter off-season. Brands like NIC Ice Cream are also raising capital to compete with larger players in the market.

Who is NIC Ice Cream Raising Funds From?

NIC, an Indian ice cream brand, is gearing up to raise $20 million from Singapore-based venture capital firm Jungle Ventures. According to a report from Indian Startup News, Jungle Ventures is already an existing investor in the company.

Interestingly, this marks the third consecutive year that Jungle Ventures has participated in a fundraising round for NIC. “The round will at least double in size as the two together look for new investors to put money into the company and become part of the growth journey,” a source told ISN on the condition of anonymity.

What is the Company's Background?

NIC Ice Creams, also known as Walko Foods, was founded in 2012 and is headquartered in Pune. The company is well-known in the industry for brands such as NIC Ice Creams, Grameen Kulfi, Cream Pot, and Mimo. Walko Foods was founded by Jeetendra Bhandari, Sanjiv Shah, and Raj Bhandari.

Major Acquisitions by the Company

Recently, Walko Foods acquired Mumbai-based Meemee’s ice cream brand, a move that experts say reflects the company’s strategy to pivot toward India’s growing artisanal dessert market.

On the financial front, Walko Foods reports a compounded annual growth rate of 90 percent over the past five years. Its products are available in over 100 cities across India through various quick-commerce platforms, including Zepto, Blinkit, and BigBasket.