Dev Milk Foods  Pvt. Ltd. (DMF), a Jaipur-based diversified dairy company selling ice cream, milk, and value-added dairy products under the brand “Frubon” has secured funding from Fireside Ventures, Pi Ventures LLP (Narotam Sekhsaria Family Office) and other angel investors. Dexter Capital was the exclusive financial advisor to this transaction.  

Commercially launched in April 2017, DMF is present in over 40 cities and towns in North India and sells through a network of distributors and direct channels including general trade, parlors, modern trade such as Reliance Retail, various prestigious HORECA clients, and online quick E-commerce delivery apps such as Blinkit, Big Basket and Swiggy Instamart.  

The company has grown with a CAGR of more than 65 per cent since it started commercial production and is on track to clock revenue of Rs 100 crores+ in FY 2024.  

The company will utilise the freshly raised funds to grow the existing retail footprint, enable expansion to other North Indian cities via various retail channels, strengthen DMF's production and distribution capability, and increase product offerings, it said in a press release.   

The company further added that it employs transparent and fair processes to source high-quality raw milk from a network of milk farmer societies through fair and transparent Fat/SNF tests deployed for milk quality evaluation and pricing. assured payment terms with zero delay, and cashless payments made through banking channels. It also facilitates farmer development and education initiatives and the adoption of best practices that lead to better quality production for farmers.   

Rahul Verma, director of Dev Milk Foods, “We are very excited about the partnership with Fireside Ventures which will enable us to progress on our journey to become one of the most trusted Dairy brands in India.”   

“Our decision to invest in Frubon was based on two premises: the universal appeal of the category and the focus on building a sustainable brand, from an efficient supply chain to maintaining a high quality of dairy products to giving back to society. At Fireside Ventures, we are thrilled to support a new generation of founders who have created a culture and processes that do good as they do well,” said Vinay Singh, co-founder and partner of Fireside Ventures.