Aavishkaar has acquired a minority stake in Milk Mantra which is setting up an integrated dairy chain in Orissa and will sell milk and other dairy products across Eastern India.
Founded by Srikumar Misra and co-founded by Ashit Mahapatra, Milk Mantra is building a strong sourcing network in Orissa, a region with significant access to dairy but few organised players. The company is committed to building an exciting & engaging food brand and leveraging product brand capital to help improve the lives and businesses of the famers they work with, and also to provide pure healthy milk to consumers. The Milk Mantra brand is being developed by a team with significant brand building experience and the company aims to be the leading milk brand in Eastern India.
On the occasion of the investment, Srikumar Misra, Founder & CEO Milk Mantra-(Website –milkmantra.com ) , conveyed his excitement saying, “The association with Aavishkaar is a major step forward in realizing our objective of bringing modern agri-business practices to India, specifically, Odisha, an oft neglected and under marketed region, creating sustainable development and providing natural, healthier milk products to urban consumers. Aavishkaar’s understanding of early-stage ventures, and their socio-economic approach to investment makes them the ideal partner for this venture in our series A funding.”
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Vineet Rai, Managing Director, Aavishkaar stated “There is an ongoing shortage of milk in India and Milk Mantra is working to create an organised supply chain in a region with significant latent potential. The company’s focus on ethical sourcing and a healthy product fits very well with Aavishkaar’s investment philosophy. The combination of operational and brand building experience among the promoters makes them a very attractive investment for us.”