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Danone set for India return, as investor in Drums Food International
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Wednesday, 16 January, 2019, 16 : 00 PM [IST]
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Our Bureau, Mumbai
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Drums Food International, the parent company of fresh FMCG (fast-moving consumer goods) brand Epigamia, announced a Series C round of financing worth Rs 182 crore. The round was led by Verlinvest, a Belgium-based consumer-focussed investment firm, and new investor Danone Manifesto Ventures, the venture investment arm of one of the world’s leading food and beverage companies.
This round also included participation from existing investor DSG Consumer Partners (DSGCP), new investor Samina Vaziralli, executive vice-chairperson, Cipla, and venture debt participation from InnoVen Capital, India’s largest venture debt provider, backed by Temasek Holdings.
Rohan Mirchandani, chief executive officer and co-founder, Epigamia, said, “We are thrilled to expand our partnership with Verlinvest and DSGCP and are very excited to bring Danone Manifesto Ventures into this partnership.”
“Danone is the global leader in our space and with the support from their venture arm, we expect to execute an ambitious business plan. With this new funding round, we intend to expand our distribution across 25 cities in India and expand our range of fresh contemporary products with unique value propositions like high protein, lactose-free, and probiotics. We are also excited to bring on Vaziralli, who has always been a great supporter and advisor, as a shareholder,” he added.
Epigamia is India’s leading start-up in the branded fresh FMCG space and has become popular across a wide consumer demographic owing to its unique and contemporary product offering. Ever since it launched India’s first branded Greek yogurt, Epigamia has rapidly gained traction with Indian consumer becoming the snack of choice for India’s health-conscious millennials.
Since raising its Series B round, the company has expanded its product portfolio to include artisanal curd, India’s first lactose-free curd; Epigamia Mishti Doi, a contemporary take on the traditional Bengali dessert, and Greek yoghurt smoothies, a high-protein drinkable yoghurt.
“We have a five-year vision to expand distribution across 50,000 touch points. We have been able to create and demonstrate value in managing a cold chain logistics fleet and intend to continue to scale this further as we develop new products. We may also look to partner or make some acquisitions in the future,” added Rahul Jain, founding partner, Epigamia.
The company recently won awards at the fourth Cold Chain Industry Awards (presented by Future Supply Chain) for Best-in-Class Distribution Network Strategy and at the Global Logistics Excellence Award (presented by Tata Strategic Management Group) for Supply Chain Excellence in Dairy Products.
Laurent Marcel, managing director, Danone Manifesto Ventures, said, “We are convinced of Epigamia’s great growth potential thanks to its unique positioning on the Indian dairy market. As a modern and innovative brand, it appeals to the ever-growing number of Indian consumers looking for healthier options.”
“This investment, our first with Danone Manifesto Ventures in Asia, is a perfect fit, as Epigamia places taste, quality and health at the centre of its model. We look forward to putting Danone’s resources and expertise to use in supporting Epigamia’s talented team as their business continues to expand across India,” he added.
“We are delighted with the increasing adoption of the Epigamia brand with the new-age Indian consumer, which has driven us to double down on our investment in Drums Food,” said Arjun Anand, principal, Verlinvest.
“We continue to be very optimistic about the growth potential of healthy and premium dairy products for the Indian market. It is a pleasure to work with Mirchandani and the Epigamia team and our partnership, alongside DSGCP, is a great example of how we would like to back young brands over the long term,” he added.
Deepak Shahdadpuri, managing director, DSG Consumer Partners, said, “Over the last three years, Mirchandani and the Epigamia team have not only created the Greek yoghurt category in India, but have also established Epigamia as a fresh FMCG brand, which offers snacking solutions with natural functionality of fresh, preservative-free ingredients with protein boost through lactose-free options.”
“We are excited to invest alongside our long-term partner Verlinvest and new partner Danone Manifesto Ventures in this latest round as we start the next phase of growth,” he added.
The company also announced that Ramanpreet Sohi, formerly with Innovative Foods, has joined the team as chief financial officer.
Launched in June 2015, Epigamia is currently available in 21 SKUs (stock-keeping units) under Greek yogurt, artisanal curd, Snack Pack, Mishti Doi, and smoothies.
The brand retails across approximately 10,000 touch points, including modern trade chains like Reliance Fresh, Godrej Nature’s Basket, Future Group Foodhall, Big Bazaar and Hypercity; e-commerce platforms, including Big Basket and Amazon, and numerous general trade retailers spread across Delhi NCR, Mumbai, Bangalore, Chennai, Hyderabad, Pune, Ahmedabad and Kolkata.
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