Bengaluru-based organic dairy startup Akshayakalpa Organic has secured Rs 100 crore (approximately $12 million) in its Series C funding round. A91 Partners led the investment, marking a significant milestone for the company after a 16-month gap since its last major funding round. Existing investors, including Rainmatter Capital and British International Investment, played a significant role, contributing Rs 18.6 crore and Rs 16.6 crore, respectively, according to Entrackr. To raise the total amount, the company's board approved the issuance of 41,35,010 Series C Compulsorily Convertible Preference Shares (CCPS) at an issue price of Rs 241.84 each.

Co-Founded by GNS Reddy and Shashi Kumar, Akshayakalpa Organic has established itself as a prominent player in the organic dairy market. The company delivers high-quality organic milk and related products to over 60,000 consumers daily in Bengaluru, Hyderabad, and Chennai through its direct delivery platform. Its products are also available at 2,000 retail outlets and major e-commerce and quick commerce platforms. Post-allotment, the company's valuation is estimated to be approximately Rs 590 crore (around $72 million), as per TheKredible estimates. It's crucial to note that this tranche is part of a larger round, and the shareholding pattern may change upon the completion of the Series C funding.

In addition to the funding, Akshayakalpa Organic has expanded its Employee Stock Ownership Plan (ESOP) pool by introducing fresh options worth Rs 5 crore, bringing the total ESOP size to approximately Rs 22.6 crore (around $2.75 million), according to TheKredible estimates. Despite an impressive 66% growth in revenue from operations, reaching Rs 191 crore in the fiscal year ending March 2023 from Rs 115 crore in FY22, the company also witnessed an 89% increase in losses, amounting to Rs 36 crore in FY23.