Milk Mantra buys Westernland Dairy for Rs 10 crore

NEW DELHI: Odisha-based dairy startup Milk Mantra has made its first acquisition as it seeks to expand operations, which comes at a time when an increasing number of emerging ventures are taking on the established players in the Indian dairy space.

The five year-old company, founded by ex-Tata Administrative Services executive Srikumar Misra, has acquired Sambalpur-based Westernland Dairy for about Rs 10 crore. Milk Mantra is looking to increase its product offerings as well as expand further into Odisha, and enter Chhattisgarh and Jharkhand.

“This acquisition gives us the ability to increase our immediate processing capacity in western Odisha and other states, where we can extend our Milky Moo franchises,” said Misra, managing director and chief executive at Milk Mantra.

Milk Mantra, which is backed by impact investment firm Aavishkaar and private equity heavyweight Fidelity Growth Partners India that led a Rs 80-crore investment in the venture earlier this year, is scouting for more buyout opportunities.“ We are looking at, both, acquisitions and greenfield opportunities, particularly in eastern India for our fresh dairy platform,” Misra said.