New Delhi, June 9 -- FruBon, an ice cream and dairy products brand backed by consumer-focussed venture capital firm Fireside Ventures, is looking to raise a new round of funding, three people familiar with the matter told VCCircle.
The Jaipur-based company, operated by Dev Milk Foods Pvt Ltd, was founded in 2004 by Dharam Dev Verma and his sons Rahul and Rohit Verma. Besides ice cream, the company sells frozen desserts, milk, yoghurt, paneer, and buttermilk. It currently serves most tier-II cities in Rajasthan, as well as Rewari in Haryana.
FruBon raised its first institutional funding in January 2024 from Fireside Ventures, Pi Ventures and a group of angel investors. In April this year, Fireside, Narotam Sekhsaria Family Office, and some angel investors doubled down on the company in an internal funding round.
FruBon is now seeking to raise around $20 million (Rs 191 crore) from external investors, the people cited above said, requesting anonymity.
The investment banking arm of EY India is helping the company scout for potential investors, they added.
Queries sent to Dev Milk Foods and EY remained unanswered till the time of publishing this article.
One of the people cited above said the company set a revenue target of Rs 200-220 crore for FY26. In FY25, FruBon had reported revenue of Rs 141 crore, according to Tracxn.
According to the latest financial data available on VCCEdge, the data and research platform of VCCircle, Dev Milk Foods had reported standalone net sales of Rs 104.48 crore and a net loss of Rs 11.55 crore in FY24.
The company is said to have expanded its presence on quick commerce platforms in FY26. Ice cream brands, particularly, newer entrants have increasingly relied on quick commerce channels to drive growth.
FruBon's fundraising plans come amid heightened investor interest in the segment.
Recently, Hocco raised Rs 100 crore in a Series C round at a valuation of Rs 2,500 crore. Last year, Jungle Ventures doubled down on its investment in NIC Ice Creams through a $20 million funding round, while healthy ice cream brand NOTO raised Rs 21 crore in a pre-Series A round led by Equentis Angel Fund.
Published by HT Digital Content Services with permission from VC Circle.