Organic dairy startup Akshayakalpa Organic has raised Rs 100 crore or $12 million in its Series C round led by A91 Partners. The funding has come after a gap of 16 months for the Bengaluru-based company.
The board at Akshayakalpa Organic has passed a special resolution to issue 41,35,010 Series C CCPS at an issue price of Rs 241.84 each to raise Rs 100 crore or $12 million, its regulatory filings sourced from the Registrar of Companies (RoC) show.
A91 partners led the round with Rs 64.8 crore while existing investors Rainmatter Capital and British International Investment, the UK’s development financial division, infused Rs 18.6 crore and Rs 16.6 crore respectively.
Founded by GNS Reddy and Shashi Kumar, Akshayakalpa claims to supply organic milk and related products to over 60,000 consumers daily in Bengaluru, Hyderabad, and Chennai through its direct delivery platform. Its products are available across 2,000 retail outlets and all the major e-commerce and quick commerce platforms.
According to TheKredible estimates, the company has been valued at around Rs 590 crore or $72 million post-allotment.
Caveat: This tranche appears to be a part of a larger round and the shareholding pattern may vary after the completion of Series C.
The company also passed a separate resolution to increase the size of the ESOP pool by adding fresh options worth Rs 5 crore. As per TheKredible estimates, the total ESOP size of Akshayakalpa Organic after adding fresh options is worth Rs 22.6 crore or $2.75 million.
Akshayakalpa is reportedly in talks to raise $25 million in Series C. In September 2022, it scooped up $15 million in a Series B round from British International Investment, Rainmatter Foundation, and others. Last week, its competitor and leader in the D2C dairy space, Country Delight, raised $20 million from new and existing investors.
Akshayakalpa’s revenue from operations surged by 66% to Rs 191 crore during the previous fiscal year ending March 2023 from Rs 115 crore in FY22. As per TheKredible, its losses also increased by 89% to 36 crore in FY23.