Dairy product manufacturer and exporter Ace International Limited has raised $35 million funding in a round led by Dutch entrepreneurial development bank FMO with participation from ResponsAbility, Incofin and Fiedlin Ventures.
The Delhi-based company manufactures, exports, and supplies a wide range of dairy ingredients and products to its business-to-business (B2B) and business-to-customer (B2C) clients.
“The funding will be primarily used for opening another manufacturing unit in Andhra Pradesh and strengthening our supply chain,” said Sanjeev Goyal, founder and chairman of the company. Currently, the company operates one manufacturing unit in Uttar Pradesh with a capacity of processing 500,000 liters of fresh milk.
Under its B2B and B2C offerings, it provides dairy products for infant nutrition, adult nutrition, read-to-mix products, among other items. The company basically sources milk and converts it into B2B and B2C clients.
“Apart from milk, we do some formulations where we combine dairy with ingredients like fibers or vitamins or minerals or specialty fats for various applications and also look at some protein supplementation,” said Goyal. For B2B, its clients include direct-to-consumer brands, fast moving consumer goods companies, nutrition companies and others.
Currently, the company is exporting dairy ingredients to Bangladesh and Philippines and has plans to expand it to Southeast Asia, Middle East, Africa and the US. “Our export business is basically driven by a lot of whey proteins, milk powder, a lot of butter fat in terms of ghee and butter,” said Goyal.
Besides dairy products, the Delhi-based company helps its clients in formulation of protein-based products at its facility. The Indian food and beverage industry has seen a growing popularity among users for protein-based products.
ET reported in March that India’s Rs 16,000 crore protein market is exploding because of flavours and formats as companies try to get a first-mover advantage. This has led to investor interest or acquisitions, such as ITC acquiring Yogabar, HUL investing in Oziva and Zydus Wellness acquiring Naturell, the owner of Max Protein.
The Delhi-based company manufactures, exports, and supplies a wide range of dairy ingredients and products to its business-to-business (B2B) and business-to-customer (B2C) clients.
“The funding will be primarily used for opening another manufacturing unit in Andhra Pradesh and strengthening our supply chain,” said Sanjeev Goyal, founder and chairman of the company. Currently, the company operates one manufacturing unit in Uttar Pradesh with a capacity of processing 500,000 liters of fresh milk.
Under its B2B and B2C offerings, it provides dairy products for infant nutrition, adult nutrition, read-to-mix products, among other items. The company basically sources milk and converts it into B2B and B2C clients.
“Apart from milk, we do some formulations where we combine dairy with ingredients like fibers or vitamins or minerals or specialty fats for various applications and also look at some protein supplementation,” said Goyal. For B2B, its clients include direct-to-consumer brands, fast moving consumer goods companies, nutrition companies and others.
Currently, the company is exporting dairy ingredients to Bangladesh and Philippines and has plans to expand it to Southeast Asia, Middle East, Africa and the US. “Our export business is basically driven by a lot of whey proteins, milk powder, a lot of butter fat in terms of ghee and butter,” said Goyal.
Besides dairy products, the Delhi-based company helps its clients in formulation of protein-based products at its facility. The Indian food and beverage industry has seen a growing popularity among users for protein-based products.
ET reported in March that India’s Rs 16,000 crore protein market is exploding because of flavours and formats as companies try to get a first-mover advantage. This has led to investor interest or acquisitions, such as ITC acquiring Yogabar, HUL investing in Oziva and Zydus Wellness acquiring Naturell, the owner of Max Protein.