Aavishkaar has announced an investment (amount undisclosed) in Bhubaneswar-based dairy startup Milk Mantra for a significant minority stake. Founded by Srikumar Misra (in photo) and Ashit Mahapatra, the company is setting up an organized milk sourcing network in Orissa.
Expansion plans in the immediate term include setting up a 50,000 liters-per- day milk processing unit in Gop, 8 kilometers from Konark. The company expects to have 10,000 farmers in its network in the medium term and also plans to launch its own brand next year. VCCircle reports that Milk Mantra has raised a total of $5 million partly from a consortium of investors including Aavishkaar and individual angel investors and partly via debt.
This is Mumbai-based Aavishkaar second investment in the dairy business. In 2003 it invested in Shree Kamdhenu Electronics (SKPEL), which develops solutions for automated milk collection and currently operates in eight states through 2,000 milk cooperative societies. Aavishkaar sold part of its stake in the company last year earning an IRR (internal rate of return) of 45 per cent. The company has made 22 investments till date, apart from Milk Mantra, in companies focused on the rural and social sectors.
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