Ice cream and QSR brand NIC raises $11 Mn led by Jungle Ventures

Walko Food’s NIC, an ice cream brand and a quick-service restaurant (QSR) company, has raised $11 million in a growth funding round led by Jungle Ventures.

Earlier in 2021, Walko Food secured $4.8 million in funding from JM Financials.

The fresh funds will be deployed to expand Walko’s production capabilities, enhance its product offerings, and broaden its distribution reach, the company said in a press release. The Pune-based company also plans to invest in efficiency management systems, including enterprise resource planning (ERP) software to strengthen its business operation and support its projected growth.

Co-founded in 2012 by Jeetendra Bhandari, Sanjiv Shah, and Raj Bhandari, Walko’s brand, NIC has emerged as one of the popular ice cream brands on food tech and quick commerce platforms such as Instamart, Zomato, Swiggy, and Blinkit, among others. Walko claims that it has achieved an impressive CAGR of 90% in the last five years and has a presence in over 100 cities across India.

NIC's revenue from operations surged 2.3X to Rs 128.6 crore during FY22 as compared to Rs 55.6 crore in FY21. As per the company's consolidated financial statement, its profits also grew to Rs 27 lakh in FY22 from Rs 1k during the preceding fiscal year.

Last year, Singapore-based Jungle Ventures announced the closure of its $600-million fund for investments across India and South East Asia. The fund backs startups across their lifecycle – seed to unicorn, and IPO stage. Its portfolio includes Kredivo, Moglix, Livspace, Builder.ai, Atomberg, and others.