Mumbai-based food startup Drums Food International that sells the popular brand of Epigamia yogurts has raised $30 millon in a Series C round of funding from Danone Manifesto Ventures, the investment arm of the French dairy major. Drum sells artisanal greek yogurt, “mishti doi”, and packaged smoothies in 10,000 stores in India.
The investment was led by Drum’s existing investor—Belgium-based Verlinvest along with Singapore-based DSG Consumer Partners, Temasek-backed InnoVen Capital, and Cipla’s Samina Vaziralli.
With the additional fuds, company plans to ramp up distribution to 50,000 outlets in 25 cities by 2022, Rohan Mirchandani, the company’s co-founder and chief executive officer told Mint. Mirchandani said the company is also exploring manufacturing tie-ups in southern India as it plans to expand beyond the top five cities that contribute to the bulk of its sales.
