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Pune-based Walko Food, which owns the ice cream brand NIC, has raised $11 million in a growth funding round led by Jungle Ventures.

It has cumulatively raised $8.65 million in funding, as per data from Tracxn, and it raised its last round worth $6.1 million in June 2021 led by J M Financial.

The company will use the fresh capital to expand its production capabilities, enhance its product offerings, and distribution reach. Besides this, it is also looking to invest in its technology systems. It has plans to capture a larger share of the ice cream market in India.

Walko Food was founded in 2012 by Jeetendra Bhandari, Sanjiv Shah, and Raj Bhandari with a focus on frozen dessert products and launched the ice cream brand NIC in 2015.

Speaking on the funding, Walko Food Director Sanjiv Shah said, “With this new investment, we will continue to expand our reach, enhance our product portfolio, and earn a position as one of the market leaders in the ice cream industry. The company plans to invest heavily in the systems and other resources required to achieve the growth.”

Walko claimed to have recorded a compounded annual growth rate (CAGR) of 90% in the last five years and has a presence in over 100 cities across India.

Arpit Beri, Principal, India Investments at Jungle Ventures—a Singapore-based venture capital firm focused on early to growth-stage companies in Southeast Asia and India—said, “We see enormous potential in Walko to revolutionise the Indian ice cream and desserts industry. Through disruptive innovation across the entire value chain, from supply chain optimisation to pioneering modes of preparation, Walko is poised to become a major food company.”