Milk Mantra
| Company type | Private |
|---|---|
| Industry | Food, dairy, health food |
| Founded | August 2009 |
| Founder | Srikumar Misra |
| Headquarters | Bhubaneswar, , India |
Area served | Odisha, Bengaluru, Hyderabad |
Key people | |
| Products | Milk, curd, buttermilk, lassi, cottage cheese, mishti doi, chhenapoda |
| Brands | Milky Moo, Moo Shake and Daily Moo |
| Revenue | ₹248 crore (US$29 million) (FY 2021)[3] |
| Parent | Hatsun Agro Product |
| Website | www |
Milk Mantra is an Indian dairy foods company based in Odisha.[4] Founded in August 2009 by Srikumar Misra and cofounded by Rashima Misra and Lt Col Ashit Mahapatra, the company became operational in 2012.[5][6][7]
In January 2025, Milk Mantra and its Milky Moo brand were acquired by Hatsun Agro Product Ltd (HAP) for ₹233 crore.[8]
History
Milk Mantra was founded in August 2009 by Srikumar Misra, a former executive with Tata Group, Rashima Misra and Lt Col Ashit Mahapatra.[2] In 2011, it received its first series of investments from VC firms Eight Roads Ventures, Aavishkaar Venture Management Services and angel investors.[9][10] The company started its operations in early 2012 with the commissioning of a factory in Gop, Odisha.[11][12][13]
As of 2016, it sources its milk from over 70,000 farmers in the state of Odisha, called the Ethical Milk Sourcing (EMS) programme.[14][4]
In 2017, it raised $10 million funding from Neev Fund and other investors.[15]
In 2020, Milk Mantra raised US$10 million debt funding from US DFC.[16][17] It also received technical assistance grant of US$350,000.[18][19]
In 2021, the company launched its own D2C dairy & subscription app DailyMoo.[20]
Products
Milk Mantra manufactures and sells dairy products[21] like buttermilk, curd, probiotic yogurt, cheese, cottage cheese, milkshakes, dairy based desserts and other beverages under the brand Milky Moo.[11][22]
Under the brand Moo Shake, the company also manufactures and sells flavored milkshakes[7][23][24] and a beverage which is blended with curcumin.[25][1]
Production
Milk Mantra has its main processing plant at Gop in Puri city of Odisha. It has a processing capacity of 2,40,000 liters of milk per day. It also has a plant in the neighbouring Sambalpur which can process 90,000 liters per day.[26]
Honors
- Fast Company 10 most innovative Asia-Pacific companies of 2021[27] and most innovative companies of 2020 in India[28]
- 2019 McNulty Prize[29]
- 2016 Frost & Sullivan Awards for Product of the Year for MooShake[30][31]
References
- ^ a b Ranjan Mishra, Bibhu (June 7, 2015). "Milk Mantra, Odisha based dairy product start-up, makes national foray". Business Standard India. Business Standard. Retrieved July 1, 2016.
- ^ a b "Aavishkaar Picks Up A Significant Minority Stake In Milk Mantra". VCCircle. 1 February 2011.
- ^ "Dairy Startup Milk Mantra Sees Bigger Market Share in Eastern India". www.bloomberg.com. 21 July 2021.
- ^ a b Pandit, Virendra (June 16, 2016). "Odisha-based Milk Mantra targets ₹1,000-crore revenue in four years". Business Line. Retrieved July 1, 2016.
- ^ Spindle, Bill (7 July 2018). "A Milk Startup Takes On 300 Million Cows". Wall Street Journal.
- ^ Shashidhar, Ajita (27 June 2019). "BT Buzz: Regional companies outpacing dairy majors in India". Business Today.
- ^ a b Singh, Rajiv. "Start-up Milk Mantra churns Rs 120 cr in 4 years, compelling Raghuram Rajan to take notice". The Economic Times.
- ^ Jacob, Shine (28 January 2025). "Hatsun Agro acquires Milk Mantra for Rs 233 cr to expand in East India". Business Standard.
- ^ "Aavishkaar Picks Up A Significant Minority Stake In Milk Mantra".
- ^ Strebulaev, Ilya A.; Randolph, Justin. "VC Decision-Making in India: Aavishkaar and Milk Mantra (A)". Stanford Graduate School of Business.
- ^ a b Mishra, Bibhu Ranjan (7 June 2015). "Milk Mantra, Odisha based dairy product start-up, makes national foray". Business Standard India.
- ^ "Business Leader Award to Milk Mantra Founder Srikumar Misra". Odisha News Insight. 7 September 2015.
- ^ "Milk Mantra: Unsettling The Dairy Biggies With Premium Play". Forbes India.
- ^ "British team hails milk supply chain". The Indian Express. Archived from the original on August 24, 2012.
- ^ Gooptu, Biswarup. "Neev Fund, others pour Rs 66.5 crore into Odisha-based Milk Mantra". The Economic Times.
- ^ "India's Milk Mantra secures $10M from US International Development Finance Corporation". TechCrunch. 19 June 2020.
- ^ Dash, Jayajit (19 June 2020). "Milk Mantra raises $10 million from US-based DFC, gets tech package too". Business Standard India.
- ^ "Milk Mantra Secures $10 Mn Debt From International Development Finance Corporation". Inc42 Media. 20 June 2020.
- ^ Gooptu, Biswarup. "Milk Mantra scoops up $10 million in debt financing from US-backed DFC". The Economic Times.
- ^ THAKUR, ARNIKA (11 July 2021). "Milk Mantra wants to target Rs 1000 crore revenue in five years". www.fortuneindia.com.
- ^ "We Want To Transform India's Food Value Chain: Srikumar Misra Of Milk Mantra". Moneycontrol.
- ^ "Milk Mantra: Unsettling The Dairy Biggies With Premium Play". Forbes India.
- ^ "Milk firms mantra to extend shelf life". News18. 19 February 2012.
- ^ "Odisha start-up launches innovative milkshake". The Hindu. 21 August 2015.
- ^ Abrar, Peerzada (9 January 2019). "Dairy farms employ tech to ramp up production, offer milk that's pure". Business Standard India.
- ^ "Milk Mantra to ramp up capacity". Business Standard India. 21 August 2015.
- ^ "The 10 most innovative Asia-Pacific companies of 2021". Fast Company. 9 March 2021.
- ^ "The most innovative companies of 2020 in India". Fast Company. 10 March 2020.
- ^ "Through sustainable dairy farming, Milk Mantra is". McNulty Foundation. 11 August 2021.
- ^ "Milk Mantra bags Frost & Sullivan's New Product Launch of the Year Award". Agritimes.co.in.
- ^ "The toast of Odisha". www.fortuneindia.com. 10 May 2016.