Orissa-based Milk Mantra raises $13M in Series C led by Fidelity Growth Partners
Tuesday, July 1, 2014
Dairy startup based in Odisha (earlier Orissa) Milk Mantra Dairy Pvt Ltd has raised Rs 80 crore ($13.08 million) in Series C led by Fidelity Growth Partners India with participation of existing social venture investor Aavishkaar, the company said.
The transaction also had a secondary component where all of its 25 angel investors have exited. Moreover, Aavishkaar Venture Management Services has sold stake held by its old fund Aavishkaar India Micro Venture Capital Fund even as its new fund put in more.
Fidelity bought the stake held by Aavishkaar India Micro Venture Capital Fund for Rs 5.6 crore. Aavishkaar India Micro Venture Capital Fund had invested a total of Rs 4 crore during 2009-2011 in various tranches, which provided it with 40 per cent gross return over a five-year investment period.
The break-up of the remaining amount which went to the angel investors and to Milk Mantra could not be ascertained.
Aavishkaar Venture Management Services had separately also invested Rs 10 crore in the dairy firm through another fund Aavishkaar India II, which has put in more money now.
Currently, Aavishkaar Venture and Fidelity India together hold around 70 per cent stake in Milk Mantra and remaining 30 per cent is held by the promoters.