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Akshayakalpa Organic Secures Rs 100 Crore in Series C Funding, Led by A91 Partners: Scaling Organic Dairy Delivery Across Southern India

Akshayakalpa Organic, an organic dairy startup, has successfully raised Rs 100 crore (approximately $12 million) in its Series C funding round, led by A91 Partners. This funding round marks a significant milestone for the Bengaluru-based company after a hiatus of 16 months.

In the Series C round, the board at Akshayakalpa Organic approved the issuance of 41,35,010 Series C Compulsorily Convertible Preference Shares (CCPS) at an issue price of Rs 241.84 each, raising Rs 100 crore ($12 million), as indicated by regulatory filings from the Registrar of Companies (RoC).

A91 Partners took the lead in the funding round, contributing Rs 64.8 crore. Existing investors Rainmatter Capital and British International Investment, the UK's development financial division, also participated with Rs 18.6 crore and Rs 16.6 crore, respectively.

Founded by GNS Reddy and Shashi Kumar, Akshayakalpa Organic boasts a direct delivery platform that supplies organic milk and related products to over 60,000 consumers daily in Bengaluru, Hyderabad, and Chennai. Its products are available across 2,000 retail outlets and major e-commerce and quick-commerce platforms.

According to estimates from TheKredible, the company is now valued at approximately Rs 590 crore or $72 million post-allotment. It's important to note that this tranche appears to be part of a larger round, and the shareholding pattern may change upon the completion of the Series C.

Additionally, the company passed a separate resolution to increase the size of the Employee Stock Ownership Plan (ESOP) pool by adding fresh options worth Rs 5 crore. After adding these new options, TheKredible estimates that the total ESOP size of Akshayakalpa Organic is now worth Rs 22.6 crore or $2.75 million.

Reports suggest that Akshayakalpa is currently in talks to raise $25 million in its Series C. In September 2022, the company secured $15 million in a Series B round from British International Investment, Rainmatter Foundation, and other investors. Notably, Country Delight, a competitor and a leader in the direct-to-consumer dairy space, recently raised $20 million from new and existing investors.

In terms of financial performance, Akshayakalpa Organic experienced a 66% surge in revenue from operations, reaching Rs 191 crore in the fiscal year ending March 2023, compared to Rs 115 crore in FY22. However, losses also increased by 89%, totaling Rs 36 crore in FY23


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