Ice cream brand NIC announces $11 million in funding

DoNews news on May 27 (Ding Fan) A few days ago, ice cream brand NIC announced that it raised $11 million in a growth financing round led by Jungle Ventures. NIC will use the funds to increase production and expand distribution as it looks to capture a larger share of the fast-growing ice cream market. In addition, the brand plans to invest in efficiency management systems such as enterprise resource planning (ERP).

It is reported that NIC was co-founded by Jeetendra Bhandari, Sanjiv Shah and Raj Bhandari in 2012 and belongs to Walko Food. It has become one of the most popular ice cream brands on takeaway platforms such as Instamart, Zomato, Swiggy and Blinkit.

According to NIC, the company has experienced strong growth over the past five years with a CAGR of 90% and is present in more than 100 cities across India. In FY22, NIC’s annual revenue soared 2.3 times to Rs 1.28 billion.

Source: iDoNews