Epigamia, the Greek yogurt brand owned by India-based Drums Food International, has received new financing from the venture capital arm of French dairy giant Danone and investment firm Mousse Partners in an extension to a Series C round provided last year.
Danone Manifesto Ventures (DMV) and New York-based Mousse Partners contributed the majority of the INR400m (US$5.2m), with participation from angel investor Julie McGinnis, Epigamia co-founder and chief executive Rohan Mirchandani clarified to just-food.
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Last year, investment house Verlinvest led a $25.6m Series C round, with participation from DMV – which took an undisclosed stake in Mumbai-based Epigamia at the time – and Mousse. The $5.2m is an additional amount, Mirchandani confirmed, adding the fresh financing will be used for expansion and new product development.
A spokesperson for Danone said: “We don’t have further comment.”
Epigamia was founded in 2015 by CEO Mirchandani, Ganesh Krishnamurthy and Uday Thakkar. The company has 24 SKUs spread across yogurt, smoothies, ghee-based spreads, curd and traditional Bengali desserts, mishti doi, Mirchandani said.
The company has also just entered the plant-based category with the launch of coconut milk yogurts, which the CEO claims is a first in India. They are sold via Epigamia’s direct-to-consumer platform.
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By GlobalData“Launching this product range is core to Epigamia’s vision of contemporising the Indian dairy industry,” Mirchandani told just-food. “The plant-based range is also a big leap in Epigamia’s long-term goals to enable a sustainable livelihood and a cleaner environment.”
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