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Kedaara Capital picks up majority stake in ice cream maker Dairy Day

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Kedaara Capital has picked up the majority stake in Dairy Classic Ice Creams Private Ltd, known for its brand Dairy Day, for an undisclosed amount. The investment will also provide full exit to Motilal Oswal Private Equity and other angel investors.

Dairy Day, headquartered in Bengaluru, has a strong presence in states such as Karnataka, Tamil Nadu, Andhra Pradesh, Telangana, and Maharashtra. It is sold at over 50,000 retailers.

The company is adding 1.5 lakh litres per day production capacity to its existing two lakh litres per day capacity. It has also been growing its revenue at 30 per cent compounded annual growth rate (CAGR) over the last decade.

Kedaara Capital said it will work closely with the promoters, M.N. Jaganath and A. Balaraju and the professional management team to unlock the company’s next phase of growth.

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Sunish Sharma, Founder and Managing Partner, and Anant Gupta, Managing Director of Kedaara Capital, said, “Ice Cream is one of the fastest growing categories within the entire food & beverage segment. Dairy Day’s dedication to quality, and its commitment to delivering ‘goodness’ has resonated deeply with consumers across its target markets, propelling the brand to a market-leading position.”

In a joint statement, N. Jaganath, Managing Director and CEO, and A. Balaraju, Director – Technical, said “We are delighted to welcome Kedaara as our valued partner for the next phase of our growth. Given the convergence of values and aspirations, we are confident Kedaara will help us deliver on our vision to make Dairy Day one of India’s most loved ice-cream brands. Their wealth of expertise and in-depth retail and consumer experience will be invaluable as we expedite our growth.

EY acted as the exclusive investment banker on this transaction.

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