Chennai-based Hatsun Agro has acquired Milky Moo

Chennai-based Hatsun Agro has acquired Milky Moo for INR 233 Cr (around $26 Mn) to expand its footprint in the dairy market.

The board of the company has “approved the acquisition of 100% of the issued and paid-up share capital of the Milk Mantra Dairy Private Limited,” according to a BSE filing from HAP.

Post acquisition, Bhubaneswar-based Milk Mantra will become a wholly-owned subsidiary of HAP, the filing added.

HAP aims to increase its presence in Odisha and the eastern dairy sector with this deal. According to the paperwork, it also wants to investigate its current market in north Andhra Pradesh as well as possible markets in West Bengal and nearby states.

Besides HAP’s existing brands Arun, IBACO, Hatsun and Arokya, Milky Moo will be a new addition after acquisition.

Founded in 2009 by Srikumar Misra and Rashima Misra, In 2012, Milk Mantra started its operation. Moo Shake and Milky Moo are the two brands that the firm offers its products under. It offers flavored milkshakes, lassi, paneer, curd, bottled milk, and mishti dahi.

The company lost money in FY23 on operational revenue of INR 272.9 Cr, a growth of only 2% year-on-year (YoY). After eight years of profitability.

With a net profit of INR 9.8 Cr in FY24 compared to a net loss of INR 12.3 Cr in the previous fiscal year, the company was able to limit its expenses and generate a profit once more.