Bengaluru-based Akshayakalpa Organic, a dairy enterprise that offers organic milk and milk products, has raised $15 million in a Series B funding round led by British International Investment (BII), Rainmatter Foundation, and existing investor Venture Dairy.
Previously, the startup had raised $3.2 million in a Series A round in April 2021 from Lok Capital and Venture Dairy. So far, it has raised $18.9 million in over three funding rounds.
Founded in 2010 by Dr. GNS Reddy and Shashi Kumar, Akshayakalpa is an organic food enterprise that manufactures, sells, and markets organic milk products. The startup claims that it has seen significant growth at a Compound Annual Growth Rate (CAGR) of 60% plus in the last five years.
With this round of funding, Akshayakalpa plans to invest in Bengaluru, Chennai, and Hyderabad, and expand into new geographies of Pune, Mumbai, and Kochi, and take its long-shelf organic dairy products pan India.
The startup said it works with over 750 farmer families and supplies organic milk and milk products to 60,000+ consumers daily in Bengaluru, Hyderabad, and Chennai through its direct delivery platform. As per the startup, Its products are available across 2,000+ retail outlets and all the major e-commerce/quick commerce platforms.
“With support from British International Investment, Rainmatter, and Venture Dairy, we hope to continue retaining the uncompromised quality of our products. We will continue to serve more customers while deepening our efforts to create sustainable farming systems and restore dignity to rural India,” said Mr. Shashi.
Commenting on the investment, Nithin Kamath, Founder & CEO of Zerodha and Rainmatter said, “The more I learned from Shashi and his team about what goes into the process of milk production, I have been conscious about how it is sourced. The processes they have in place to ensure sustainable milk production and the support they offer to improve farmer livelihoods are impressive. We are excited to support them on this journey.”
“Sustainable farming practices are key to ensuring food security for our next generation and happy to see Akshayakalpa taking the lead in that space. We believe this investment will go a long way to demonstrate that development can lead to commercial success,” said Sameer Shisodia, CEO of Rainmatter Foundation.
Source @Indianstartupnews
