An amount of Rs.44.5 crores was raised by Drums Food International, the parent company of Hokey Pokey Ice-cream and Epigamia Greek Yogurt in a series A funding round led by Verlinvest.Prior investors Fireside Ventures, headed by former Helion Ventures co-founder Kanwaljit Singh, Apurva Salarpuria from the Salarpuria Group, and Bollywood actor Kunal Kapoor, founder of crowd funding platform Ketto, also participated in the funding round.
This is Verlinvest’s first early stage transaction as it typically look to invest between $50 million- $100 million in venturesBurger King India, Sula Wines, Future Consumer Enterprises and Jabong are the companies Verlinvest has invested in.
Rohan Mirchandani, an investment banker founded Drums Food in 2008, its first product was Hokey Pokey Ice-cream followed by Epigamia Greek Yogurt in 2015 which can be found across 1500 retail stores across India.
Last year this Mumbai-based company raised Rs.4.2 crores in an internal round of funding from its investors. Natural’s Ice cream, Amul and Baskin-Robbins are some of the prominent players in this market.
The funds raised will be used for enhancing its supply chain, talent acquisition and also upgrading the production capacity.