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Fidelity Growth Partners India leads $13.3m Milk Mantra Series C

1 Jul 2014

Milky Moo MIlk MantraFidelity Growth Partners India has led an INR800m ($13.3m) Series C financing round for dairy food business Milk Mantra.

The investment, which was also backed by Aavishkaar India II, provided an exit for most of the Indian company’s angel investors and Aavishkaar India Micro Venture Capital Fund.

Milk Mantra was founded in 2009 to produce milk, buttermilk and cheeses such as paneer under the Milky Moo brand.

The company said the latest capital would help it expand across eastern India and launch Functional Milkshake across key national markets.

FIL Capital Advisors (India) managing director Abhinav Sinha said, “Fidelity is excited to partner with Milk Mantra and Srikumar Misra.

“Milk Mantra has used a unique branding strategy and ethical sourcing program to develop a dominant position in Eastern India.

“We look forward to actively supporting the company to achieve many more milestones in its growth path.”

Earlier this year private equity giant Carlyle exited its investment in Indian dairy business Tirumala Milk Products through a sale to French company Groupe Lactalis.

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