Start Up Dairy Firm MilkLane Bags Rs 27 Crore
Start-up dairy firm MilkLane said it has raised Rs 27 crore in a ‘pre-Series A’ funding round from a clutch of investors. Company, which has raised the fund from Pioneering Ventures, Schreiber Foods and ultra-high net worth families, will utlise the capital for expansion purpose.
In a statement, MilkLane said it will utlise the fund to increase its network of milk collection centers and strengthen its digital and analytics capabilities in the supply chain.
MilkLane COO Gaurav Haran said “We intend to create a pan-India network of industrial production units, village level bulk coolers and introduce IT-enabled solutions to provide a fresh, safe and steady supply of high quality milk to our partners in the industry. MilkLane started its milk collection operations in January 2017 at Kuppam in Andhra Pradesh, and within a span of six months reached an initial milestone of 85,000 litres per day”.
The company procures milk from selected dairy farmers and delivers it to industrial scale off-takers such as industrial processors, FMCG companies and milk product manufacturers.
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