SUMMARY
Founded in 2017 by DD Verma, the Jaipur-based startup manufactures ice cream, milk and other dairy products
The freshly infused funds will be used to grow the existing retail footprint, enable expansion to North Indian cities via various retail channels
Currently, the Frubon’s products are available across 40 cities and towns in North India and are sold through a network of distributors and through omnichannel mode including Blinkit, Big Basket, among others
Dev Milk Foods, a startup which sells ice cream, milk and value-added dairy products under the brand Frubon, has secured an undisclosed amount in a Series A funding round from Fireside Ventures, Pi Ventures LLP (Narotam Sekhsaria Family Office) and a clutch of angel investors.
The Jaipur-based company will use the fresh funds to grow its existing retail footprint, enable expansion to North Indian cities via various retail channels, strengthen DMF’s production and distribution capability and increase product offerings.
Founded in 2017 by DD Verma, Frubon manufactures ice cream, milk and other dairy products including flavoured milk, cottage cheese, ghee and buttermilk, among others..
Commenting on the funding, the startup’s director Rahul Verma said, “With the only ice cream manufacturing setup of its kind in Rajasthan, Frubon is in a unique position – strategically and geographically – to address various gaps and opportunities in the market.”
Frubon claims to have grown more than 65% since inception and is on track to clock revenue of more than INR 100 Cr in FY24.
Currently, Frubon’s products are available across 40 cities and towns in North India and are sold through a network of distributors and via omnichannel mode, including, Blinkit and Big Basket, among others.
In addition to sourcing products directly from the farmers, it also offers facilities such as farmer development and education initiatives.
In the dairy startup race, Frubon competes against the likes of MilkMantra, Country Delight, Moofarm and Stellapps.
Among its competitors, Stellapps was recently reported by Inc42 to be in talks to raise around $20 Mn in its Series C funding round.
Also, Country Delight was reported to be planning to raise $20 Mn from its existing investors – Singapore’s sovereign fund Temasek, Venturi Partners and others.
According to a market study, the Indian dairy market generated a revenue of $71 Bn+ in 2024 which is expected to grow at 6.77% CAGR by 2028.
