Global alternative asset firm TPG-managed The Rise Fund has agreed to invest $ 50 million in Hyderabad-based dairy products company Dodla Dairy Limited. The investment will be the the fund's first in the food and agri sector as well as its first in India.
Founded in 1995, Dodla procures and processes fresh milk to sell dairy products across 66 regions in South India. Its offerings are milk, curd, butter and ghee.
"India's dairy consumption has been experiencing robust growth, fueled by urbanisation, increasing incomes, and health consciousness among consumers. Dodla is well-positioned to capitalise on these growth trends. It has strong management team, an established presence in local markets, and an expanding selection of products. We look forward to working with Dodla to enhance its brand and grow its platform,"said Vish Narain, partner at TPG Growth.
According to Dodla founder D Sunil Reddy, these funds will be used to expand the procurement network among other things.