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June 15, 2020

Indian yogurt brand Epigamia gets top-up funding from Danone venture capital arm

Epigamia, the Greek yogurt brand owned by India-based Drums Food International, has received a top up to last year's Series C financing round.

By Dean Best

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.

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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.  

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. 

“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.”

just-food Guide: Big Food’s stake in the future – in-house venture-capital funds

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What’s missing from your IPO industry assessment?

IPO activity all but stopped in 2020, as the investment community grew wary of the effects of COVID-19 on economies. No matter how deserving a business was of flotation, momentum was halted by concerns of when a ‘new normal’ of working patterns and trade would set in. Recently, sentiment has changed. Flotations picked up again during the second half of 2021, and now in 2022 the mood is decidedly optimistic. Business leaders have their eyes on fast rebounding economies, buoyant market indices and the opportunity once again to take their businesses public. As a result, global IPOs are expected to hit back this year. With GlobalData’s new whitepaper, ‘IPOs in Consumer and Retail: 5 must-include elements for your prospectus industry report’, you can explore exactly what is needed in the essential literature. GlobalData’s focus lies in the critical areas to get right:
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  • Consumer context
  • Industry environment
  • Competitive environment
  • Route to market
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