Mumbai, Feb 21, 2024, IANS

Mumbai, Feb 21 (IANS) Singapore-based VC firm Jungle Ventures on Wednesday said it will infuse another $20 million in India's fastest growing ice cream brand Walko Food.

This is Jungle's second investment into Walko Food within less than 12 months.

Since its last funding round with Jungle in May 2023, Walko Food has introduced Yummo, its latest ice cream brand, tapping into a $3 billion market.

The latest round of capital will further boost Walko's expansion across its product portfolio and customer reach, and accelerate its penetration into the Indian ice cream market, the company said in a statement.

"This collaboration is a testament to Jungle Ventures' confidence in Walko's management team and its vision to nurture and grow our existing brands, including NIC, Grameen Kulfi, and Cream Pot, across various sales channels," said Sanjiv Shah, Director, Walko Food Company.

Earlier, the company appointed celebrity Rashmika Mandanna as its brand ambassador for its premium ice cream brand NIC.

"Walko is tapping into a multi-billion-dollar opportunity in the Indian ice cream industry. In recent years, ice cream has captivated Indian consumers, causing a structural shift in dessert consumption patterns from traditional Indian sweets to ice cream," said Arpit Beri, Partner, India Investments at Jungle Ventures.

Jungle Ventures is focused on early to growth-stage companies in Southeast Asia and India.