JM Financial PE to invest Rs 35 crore in Pune-based packaged food firm

Investment will support brand building and augmentation of firm's existing capacities; this marks closing of eighth investment by JM Financial India Fund II

JM Financial Private Equity has finalized an investment of Rs 35 crore in a Pune-based consumer packaged food company, Walko Food Company, to fund the company’s current expansion plans.

Proceeds from the investment will support brand building activities and augmentation of the existing capacities of the company. This marks the closing of the eighth investment by JM Financial India Fund II.

Walko Food owns a fast growing natural ice cream brand “NIC”. The company operates a manufacturing plant in Pune and retails in over 50 cities across India, via multiple sales channels like food delivery platforms, modern trade and parlors.

Darius Pandole, Managing Director & CEO, PE & Equity AIFs, JM Financial said, “The domestic ice cream market is large and growing and we believe that there is a long runway of growth banking on low per capita ice cream consumption, foodtech platforms and development of multiple distribution channels and formats. Within the broader ice cream market, NIC has established a good product market fit with its differentiated, high quality natural ice cream and direct to consumer strategy. The fund infusion will help the company scale-up its business and expand its market share.”