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June 29, 2014

Deal Alert: Fidelity, Aavishkaar invest Rs. 80-Cr in Odisha-based dairy Milk Mantra

Odisha-based consumer dairy foods company Milk Mantra has raised series C funding of INR 80 crore from Fidelity Growth Partners India and existing investor, Aavishkaar India II Company Ltd. The transaction provided an exit to most of the angel investors and Aavishkaar India Micro Venture Capital Fund. Unitus Capital was the sole financial advisor to Milk Mantra on this transaction and Amarchand & Mangaldas, Wadia Ghandy and Universal Legal acted as legal advisors. 

Milk Mantra Dairy was founded in August 2009 by Srikumar Misra to create sustainable impact on among farmers using innovative dairy products and technology. The company produces a range of products like milk, probiotic dahi, paneer, lassi and buttermilk under the ‘Milky Moo’ brand from its processing plant at Gop, Odisha. This round of funding will help Milk Mantra expand its operations across Eastern India as well as launch products such as milkshake.  

Source: Press Release

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