Organic dairy startup Akshayakalpa Organic has raised $15 million in its Series B round from British International Investment, Rainmatter Foundation, and its existing investor Venture Dairy. The new round has come after three years for the Bengaluru-based firm.
Akshayakalpa plans to invest in Bengaluru, Chennai, and Hyderabad markets, expand into new geographies of Pune, Mumbai and Kochi and take its products across India, the company said in a press release.
While the company did not provide details such as valuation, round split et al, Entrackr has got these details through its regulatory filings.
The board at Akshayakalpa has passed a special resolution to issue 200 equity shares and 74,63,138 Series B compulsory convertible preferred shares at an issue price of Rs 155.76 per share to raise Rs 116.25 crore or $15 million.
British International Investment (BII) and Rainmatter Capital have co-led the round with Rs 54.3 crore or $7 million each. Further, V-Dairy Ltd and Venture Dairy Enterprises also put in Rs 5.4 crore and Rs 2.3 crore respectively.
As per Fintrackr’s estimates, Akshayakalpa has been valued at Rs 326 crore or $42 million (post-money). Post allotment of this round, BII and Rainmatter Capital hold 16.64% stake each.
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.
Before this round, Akshayakalpa Organic raised Series A funding from Lok Capital and Venture Dairy in July 2019. The company, however, received Rs 25 crore as a part of Series A in September 2021. It also claims to work with over 750 farmer families and witness a CAGR growth of 60% in the last five years.
While Akshayakalpa is yet to disclose its financials numbers for FY22, its scale surged 71.7% to Rs 103 crore from nearly Rs 60 crore in FY20, as per its annual financial statements with the RoC. The annual losses of the company shot up 5X to Rs 31 crore in FY21 from Rs 6.2 crore in the previous fiscal year (FY20). According to Kumar, Akshayakalpa posted net sales of Rs 117 crore in FY22.
Akshayakalpa competes with Milk Mantra, Milky Mist, Country Delight and several other D2C dairy brands which also sell other milk-based and organic products.
Source entrackr
