Dairy startup based in Odisha Milk Mantra Dairy Pvt Ltd has acquired Sambalpur-based Westernland Dairy Pvt Ltd for about Rs 10 crore (about $1.6 million), The Economic Times reported citing Milk Mantra's managing director and chief executive Srikumar Misra.
An email query sent by VCCircle to Milk Mantra seeking further details on the aforesaid acquisition and about Westernland Dairy went unanswered.
This is the first acquisition by Milk Mantra, which is looking to expand its operations in Odisha, and enter Chhattisgarh and Jharkhand. Milk Mantra is backed by impact investment firm Aavishkaar and private equity heavyweight Fidelity Growth Partners India.
"This acquisition gives us the ability to increase our immediate processing capacity in western Orissa and other states, where we can extend our Milky Moo franchises," Misra told the paper.
“We are looking at acquisitions and greenfield opportunities, particularly in eastern India for our fresh dairy platform,” he added.
Milk Mantra is increasing its processing facility to 2.5 lakh litres per day from 75,000 litres per day by mid-2015, the paper said.
Milk Mantra is also looking to roll out a slew of dairy-based, value-added products, such as functional milkshakes and probiotic drinks, by the quarter ending March.
Founded in 2009 by Srikumar Misra, Milk Mantra sells fresh milk and milk-based products. The company produces a range of dairy products like milk, probiotic dahi, paneer, lassi and buttermilk under the brand 'Milky Moo'. It currently sells its products in Odisha, Kolkata and key markets in Jharkhand.
(Edited by Joby Puthuparampil Johnson)