14 February 2024-Dev Milk Foods, a startup based in Jaipur, specializing in ice cream, milk, and value-added dairy products under the brand Frubon, has successfully raised an undisclosed amount in a Series A funding round. The funding was led by Fireside Ventures, Pi Ventures LLP (Narotam Sekhsaria Family Office), and a group of angel investors. The newly acquired funds are earmarked for expanding retail presence, venturing into North Indian cities through diverse retail channels, fortifying production and distribution capabilities, and diversifying the product portfolio.
About Dev Milk Foods:
Founded in 2017 by DD Verma, Frubon operates as a unique player in the ice cream and dairy product manufacturing landscape in Rajasthan. Rahul Verma, the startup’s director, emphasized the strategic and geographical advantages that position Frubon to address market gaps and capitalize on opportunities.
The fresh infusion of funds will facilitate Frubon’s ambitious plans for expansion and growth. The company aims to broaden its retail footprint and explore untapped markets in North India. Strengthening production and distribution capabilities is a key focus, along with introducing new products to meet evolving consumer demands.
Frubon asserts a remarkable growth rate of over 65% since its establishment in 2017. The company is on track to achieve revenue exceeding INR 100 Crores in the fiscal year 2024. Presently, Frubon’s products are available in 40 cities and towns across North India, leveraging a network of distributors and omnichannel platforms like Blinkit and Big Basket.
Competition Landscape:
In the competitive landscape of the dairy startup sector, Frubon competes with prominent players such as MilkMantra, Country Delight, Moofarm, and Stellapps. The funding injection will likely enhance Frubon’s competitiveness and market position amid this growing competition.
The Indian dairy market, estimated at over $71 billion in 2024, is anticipated to witness a compound annual growth rate (CAGR) of 6.77% by 2028. Frubon’s strategic expansion and product diversification align well with the positive trajectory of the Indian dairy market.
Conclusion:
Dev Milk Foods’ successful Series A funding round marks a significant milestone for Frubon. The capital injection not only fuels immediate expansion plans but also positions the company for sustained growth in a dynamically evolving dairy market. As Frubon continues to innovate and expand its offerings, it will likely play a crucial role in shaping the future of the Indian dairy industry.
