Singapore-based venture capital firm, Jungle Ventures has injected a further US$20 million into India’s ice cream brand and quick-service restaurant (QSR) company, Walko Food. This comes in less than 12 months after its first capital injection of US$11 million in Walko.
The fund will boost Walko’s ambitious expansion in terms of wider product portfolio and increasing consumer reach in the Indian market.
Sanjiv Shah, Director of Walko Food said the new fund will enrich its product portfolio and expand the reach of its mass-market ice cream brand ‘Yummo’.
Established in 2012, Walko Food manufactures and sells premium ice creams, kulfis, frozen desserts and thick shakes. In 2023, the company launched Yummo to capture a slice of the mass-market ice cream sector which is worth US$3 billion in India.
In recent years, ice cream has captivated Indian consumers, causing a structural shift in dessert consumption patterns from traditional Indian sweets to ice cream. Statista estimated the overall ice cream sector in India at US$5.33 billion in 2024 with a CAGR of 10.86% till 2028.
