Walko Acquires Meemee’s to Enter Artisanal Desserts

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In a move that feels less like a spreadsheet-driven expansion and more like a bold leap into flavor-forward creativity, Walko Food Company has acquired Mumbai’s Meemee’s Ice Creams, expanding its portfolio of premium Artisanal Desserts. The acquisition—details hush-hush for now—catapults the Pune-based premium ice cream player into the fast-morphing world of artisanal desserts. We’re talking about more than just scoops in cones—Meemee’s funky inventions like Toasties, Tubsters, Roleys, and ice cream cakes are tailor-made for an audience hungry for fun, flavor, and authenticity. Especially the under-35 crowd in India’s metros, who are increasingly voting with their taste buds for unique, small-batch creations over mass-market mediocrity.

Walko, founded back in 2012, isn’t new to shaking up the frozen treats game. Their roster—featuring brands like NIC Ice Creams and Grameen Kulfi—is already a hit across 100+ Indian cities. Through its robust D2C engine, the company has built a digital delivery machine via Swiggy, Zomato, Blinkit, and Zepto. Meemee’s, a relative newbie founded in 2021 by Meha Agarwal, quickly made waves in Mumbai with its colorful, playful product formats and irreverent approach to dessert. It was only a matter of time before someone bigger noticed.

With India’s ₹44,000 crore ice cream market showing a clear pivot toward handcrafted desserts, this acquisition isn’t just about expansion—it’s about staying relevant. The future of frozen indulgence in India? It’s creative, niche, and deeply experiential—and Walko just strapped itself in for the ride.

1. Introduction to the Acquisition and Market Context

Let’s face it—India’s dessert scene is in the middle of a sugar-coated revolution. Old-school ice cream parlors are being nudged aside by gourmet dessert labs crafting outrageously inventive, wildly Instagrammable frozen treats. Walko Food Company buying Meemee’s Ice Creams is a clear signal: the game has changed. This isn’t just another acquisition—it’s a calculated bet on the future of indulgence in India’s bustling metros.

1.1 Background of Walko Food Company

Started in 2012 by Jeetendra Bhandari, Sanjiv Shah, and Raj Bhandari, Walko has grown from a modest operation into a frozen dessert powerhouse. Based in Pune but anything but provincial, the company owns a constellation of cool brands—NIC, Grameen Kulfi, Mimo, Cream Pot, Café Chokolade. And they’re not waiting for you to walk into a store—they’re delivering to your couch via a hyper-efficient digital-first model. Their reach? Over 100 cities and growing fast.

1.2 Background of Meemee’s Ice Creams

Meemee’s doesn’t do vanilla. Literally and figuratively. Founded in 2021 by Meha Agarwal, the Mumbai-based startup decided early on to ditch convention and lean into bold flavors, quirky product names, and snackable formats designed for impulse indulgence. Whether it’s their gooey Toasties or tub-sized mood-lifters, Meemee’s knows how to grab eyeballs and taste buds in equal measure. And it’s been working—their loyal Mumbai fanbase eats it up.

2. Walko’s Business Model and Revenue Generation

2.1 Product Portfolio and Services

Walko doesn’t just churn out ice cream—they build brands with serious staying power. From the decadently creamy NIC to the nostalgic charm of Grameen Kulfi, the company covers all flavor bases. But Meemee’s? That’s a whole different animal. The brand’s edgy offerings push Walko into the experimental frozen treat zone, where bold ideas win over bland tradition.

2.2 Direct-to-Consumer (D2C) Focus

One of Walko’s biggest wins is its dominance in the D2C space. With over 200 delivery kitchens under its belt, Walko can pump out freshly frozen joy faster than you can open your app. Their digital-first strategy makes it easy for urban consumers to try out boutique dessert selections from the comfort of their couch.

2.3 Revenue and Financial Growth

If you think ice cream can’t be serious business, think again. In FY24, Walko doubled its revenue—from ₹1.2 crore to ₹2.4 crore. Even more impressively, it flipped from an ₹8 lakh loss in FY23 to a net profit of ₹4.04 crore. That’s not just growth—it’s a full-blown glow-up, powered by sharp execution and a market hungry for something different.

3. Funding and Investor Support

Walko isn’t just riding a wave—they’re building a rocket. The company has pulled in over $35 million in funding, with Singapore’s Jungle Ventures leading the charge in back-to-back rounds. When VCs line up twice, you know they’re onto something. Throw in support from JM Financials, and Walko has the firepower to go national with its niche dessert formats.

4. Industry Trends and Growth in Artisanal Desserts

India’s frozen dessert market isn’t just growing—it’s evolving. Worth ₹44,000 crore and galloping along at 11% CAGR, the industry is veering hard toward craft dessert items that celebrate quality, not quantity. The younger crowd—millennials and Gen Z—don’t want factory churned tubs. They want stories, textures, flavor bombs, and above all, authenticity. And startups like Go Zero and Hocco aren’t sleeping on this either.

5. Problems Addressed by Walko and Meemee’s

The mainstream ice cream market has long suffered from a creativity drought, clunky distribution, and uninspiring flavors. This acquisition punches through that. Walko + Meemee’s is a turbocharged combo that solves for:

• Lack of variety with bold, boundary-pushing creations
• Poor reach via Walko’s nationwide last-mile infrastructure
• Urban consumer boredom with fresh, authentic dessert offerings
• Convenience with seamless, app-based accessibility

6. Competitive Landscape: Direct and Indirect Competitors

The space is heating up. Walko’s staring down Goliaths like Kwality Walls and watching its flanks as agile D2C startups like Go Zero raise rounds and build cult followings. Add to that the local scoop shops and boutique dessert cafés, and you’ve got a crowded field. But with their digital muscle and tech-enabled sales approach, Walko has a head start many can’t match.

7. Journey and Background Story of Walko and Meemee’s

7.1 Walko’s Growth Journey

From humble beginnings in 2012 to dominating Indian freezers and delivery apps alike, Walko has always played the long game. With each brand addition—Mimo, Cream Pot, Café Chokolade—they’ve inched closer to becoming a one-stop shop for premium desserts. Their pivot to profitability in FY24? That’s no accident. It’s the result of knowing what urban India craves before it even hits the menu.

7.2 Meemee’s Rise as an Artisanal Brand

In just a couple of years, Meemee’s has gone from passion project to trendsetter. Meha Agarwal understood early that younger Indians don’t want boring. They want flair, flavor, and food that doubles as content. Meemee’s nailed that, and now, with Walko’s engine behind it, the brand is poised for a nationwide breakout.

8. Strategic Implications of the Acquisition

This isn’t just Walko beefing up its offerings. It’s a strategic swing at the future. Raj Bhandari put it plainly: people want more than dessert—they want experiences. By plugging Meemee’s creativity into Walko’s scale and R&D firepower, they’re aiming to serve a new gold standard in gourmet desserts across India.

And Meha Agarwal? She’s all in. Confident that Walko will honor Meemee’s bold streak while helping it scale, she sees the partnership as a launchpad, not a compromise.

9. Learning for Startups and Entrepreneurs

This deal is a crash course in scaling the right way:

• Know your customer. Meemee’s knew its audience and never pandered.
• Think digitally. Walko’s D2C model isn’t optional—it’s foundational.
• Partnerships matter. A bigger player with aligned values can supercharge growth.
• Innovation is survival. The same old flavors won’t cut it.
• Funding fuels reach. Don’t underestimate the power of smart capital.

Conclusion

Walko’s acquisition of Meemee’s is a decisive move in India’s booming artisanal dessert wave. With one foot in tradition and the other in daring innovation, the duo is set to reshape how urban India indulges. Authenticity? Check. Speed? Check. Nationwide ambitions? Oh, absolutely. As more Indians trade generic for gourmet, Walko’s strategic leap positions it not just to compete—but to lead. The age of small-batch desserts is here, and Walko’s just set the new bar.

About Foundlanes

foundlanes.com continues to spotlight the deals that move markets. The Walko-Meemee’s story is more than a transaction—it’s a blueprint for foodtech founders, startup leaders, and VCs watching India’s D2C space ripen. We’ll keep covering the bold bets and breakout stories that define the next chapter of Indian entrepreneurship.