Frubon, a Dairy Start-Up, Secures Series A Funding from Fireside Ventures, Pi Ventures, and More

Dev Milk Foods Pvt. Ltd. (DMF), headquartered in Jaipur, and recognized for its diversified dairy offerings including ice cream, milk, and value-added dairy products under the brand "Frubon," has successfully secured funding from prominent investors, including Fireside Ventures, Pi Ventures LLP (Narotam Sekhsaria Family Office), and several angel investors. Dexter Capital facilitated the transaction as the exclusive financial advisor.

Established commercially in April 2017, DMF has rapidly expanded its presence across more than 40 cities and towns in North India. The company utilizes a multi-channel distribution strategy encompassing general trade, parlors, modern trade outlets like Reliance Retail, esteemed HORECA clients, and prominent online delivery platforms such as Blinkit, Big Basket, and Swiggy Instamart.

Exhibiting remarkable growth, DMF has achieved a compound annual growth rate (CAGR) exceeding 65% since its inception, and anticipates surpassing Rs 100 crores in revenue for FY 2024. The fresh infusion of capital will be directed towards amplifying the retail footprint, facilitating expansion into additional North Indian cities through diverse retail channels, bolstering production and distribution capabilities, and diversifying product offerings.

DMF emphasizes transparent and equitable processes in sourcing high-quality raw milk from a network of milk farmer societies, employing fair Fat/SNF tests for milk quality assessment and pricing. The company ensures prompt payment terms, executed through cashless banking channels, and actively supports farmer development initiatives and educational programs to enhance production quality.

Expressing enthusiasm for the partnership, Rahul Verma, Director of Dev Milk Foods, remarked, "We are thrilled about our collaboration with Fireside Ventures, which will propel us towards establishing Frubon as one of India's most reputable dairy brands."

Vinay Singh, Co-founder and Partner of Fireside Ventures, elaborated on their investment rationale, stating, "Our decision to invest in Frubon was driven by the inherent appeal of the dairy category and the brand's commitment to sustainability across its supply chain, product quality, and social responsibility. At Fireside Ventures, we are delighted to support visionary founders who prioritize both business success and societal impact."