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Milk Mantra Raises to Expand Operation in East India

18 January 2017

INDIA - Odisha-based dairy firm Milk Mantra has raised USD 10 million in the latest round of funding led by SBI-backed Neev Fund, along with existing investors Eight Roads Ventures and Aavishkaar

The fund would be utilised for the company's growth plans that include expanding production capacity through setting up of new plants and acquisitions.

"It's part of larger funding as per the company's growth plans. We want to become a leading dairy firm of eastern India. In the first phase, we have raised USD 10 million," Milk Mantra Dairy's founder, MD and CEO Srikumar Misra told PTI.

With this round of funding, he said the company has raised about Rs 165-170 crore.

The company expects its turnover to increase at Rs 170-80 crore in this fiscal from about Rs 125 crore during 2015-16.

Mr Misra said the company is focusing on four states -- Odisha, Jahrkand, West Bengal and Chhatisgarh -- for expansion of its business.

It is also focusing on product innovations.

"We have two dairy plants in Odisha with processing capacity of 3.5 lakh litres per day," he said, adding that the company manufactures various dairy products at third-party facility in Kolkata.

Source: Moneycontrol.com

TheCattleSite News Desk

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