Agri-startup Milk Mantra is eying Rs 1,000 crore turnover in five years as it look to strengthen position in the eastern parts by expanding milk shake brands across the country.
Fidelity Growth Partners backed startup is also planning to raise $25 million from VC funding to finance growth plans.
“As of now we are eastern India player with our base in Odisha and selling our fresh dairy products including milk, curd, butter milk and paneer in Jharkhand, Chhattisgarh and Kolkata,” Founder and Managing director of Milk Mantra Srikuamr Misra told PTI.
“Now we are further strengthening our position in eastern parts for fresh dairy products and at the same time expand our milk shake brand ‘MooShake’ market across the country. I can say that on back of these two initiatives, our turnover would reach Rs 1,000 crore in next five years,” Misra added.
The company recently made a foray in the dairy-based functional health category with a ready-to-drink milk beverage MooShake, which is blended with curcumin, an extract from turmeric.
With this milk shake brand we are aiming to become a pan-India player, he said.
The company manufactures product under the Milky Moo brand and currently has two processing plants with production capacity of 3 lakh litres per day at Puri and Sambalpur districts in Odisha.
Misra added their products are in demand because of its quality and the three layer packaging which ensures that there is no light damage to milk and it stays fresh for up to 3 days and need not be boiled.
We started from scratch now has over 30,000 network farmers who have been giving us quality and pure milk, he said.
In coming days we are looking at contract manufacturing model, especially for Moo Shake brand, he added.