'Milk Mantra' gains ₹76 cr from US International DFC
By MYBRANDBOOK
Milk Mantra, an Odisha-based dairy food startup in India has gained a $10 million loan from US International Development Finance Corporation (DFC). Ajay Rao, Director of DFC’s Social Enterprise Finance Team, who led this transaction, said, “We have been very impressed by the Milk Mantra team and its efforts to build a socially responsible business that empowers smallholder farmers while strengthening food security.”
DFC has also approved technical assistance amounting to $371,000 (Rs 2.8 crore) to support the company’s agriculture extension services and ethical milk sourcing programme. The main focus of this would be to build Milk Mantra’s digital financial services platform for its network of farmers. The platform will aim at financial inclusion of farmers, especially women farmers.
According to a statement released by the company, there are nearly 100 million dairy farmers in India with a significant proportion being women.
The company’s revenues have scaled from $2 million in 2013 to $32 million in 2020, and it is reaching more than 300,000 households every day. Milk Mantra also has other marquee equity investors like Eight Roads (Fidelity), Aavishkaar, and Neev Fund.
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