Funding Alert: Dairy foods startup Milk Mantra raises $10M in debt from US International DFC

Source: YourStory Media

Author: Sujata R Sangwan

U.S. International Development Finance Corporation Corporation (DFC) has committed a $10 million loan to Milk Mantra Dairy Pvt Ltd, an Odisha-based new-age dairy food startup in India.

Milk Mantra Dairy Pvt Ltd was set up in 2009 by Srikumar Misra to solve the problem of trust deficit between consumers and food in the large $50 billion dairy industry in India. Over the last eight years, the startup said it has sustainably impacted over 60,000 farmer families, helping them increase productivity by 31 percent, and incomes by 70 percent.

The company’s revenues have scaled from $2 million in 2013 to $32 million in 2020, and it is reaching more than 300,000 households every day. Milk Mantra Dairy Pvt Ltd also has other marquee equity investors like Eight Roads (Fidelity), Aavishkaar Capital, and Neev Fund.

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[Funding alert] Dairy foods startup Milk Mantra raises $10M in debt from US International DFC

US International Development Finance Corporation (DFC) has committed a $10 million loan to Milk Mantra, an Odisha-based new-age dairy food startup in India. Ajay Rao, Director of DFC's Social Enterprise Finance Team, who led this transaction, said, "We have been very impressed by the Milk Mantra team and its efforts to build a socially responsible business that empowers smallholder farmers while strengthening food security."