Proceeds from the debt financing round will be used by Milk Mantra towards expanding capacity, across product lines, in its two existing plants.
Odisha based dairy food start-up Milk Mantra raised $10 million in structured debt funding financing from US International Development Finance Corporation (DFC). Additionally, DFC has also approved $371,000 in technical assistance to increase the impact of its loan to Milk Mantra.
Proceeds from the debt financing round will be used by Milk Mantra towards expanding capacity, across product lines, in its two existing plants. With this investment, Milk Mantra has raised nearly $39 million which has been invested and will continue to be largely invested in Odisha with a strong focus on empowering the local dairy farming community and creating indirect jobs.
The company has been instrumental in building and motivating a start-up ecosystem in Odisha and this new investment from the US will further support their efforts. The company is also in the process of acquiring a new plant asset in Kolkata, as part of its broader inorganic growth plans.