Walko, NIC Ice Cream’s parent, acquires Meemee’s Ice Creams

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In a move that feels less like a business deal and more like a shift in dessert culture, Walko Food Company—the force behind NIC Ice Creams—has snapped up Mumbai-based Meemee’s Ice Creams. And Walko acquires MeeMee isn’t just another acquisition. It’s not just a business manoeuvre—it’s a flavorful pivot into the loud, chaotic, and delightfully unpredictable world of artisanal desserts. A space where Gen Z and millennials aren’t just consumers; they’re the tastemakers, scrolling and swiping their way to the next dessert dopamine hit.

Meemee’s doesn’t whisper; it struts in with Toasties that melt expectations, Tubsters that beg to be photographed, and Roley’s that twirl drama into every bite. It adds unfiltered fun to Walko’s buttoned-up legacy, injecting whimsy into NIC’s sophistication, Mimo’s elegance, and Grameen Kulfi’s nostalgia. This blend of experimental edge and distribution muscle signals more than growth—it hints at a culinary shake-up. The numbers back the timing: India’s frozen dessert industry is estimated at ₹44,000 crore (~$5.33 billion), with an expected 11% annual growth rate through 2028. The hunger for premium, experience-driven desserts? Very real.

With backing from Jungle Ventures and JM Financial, Walko’s already sprawling D2C network spans 100+ cities and platforms like Zomato, Swiggy, Amazon, and Blinkit. But this deal gives it something different—youth appeal. Meemee’s founder, Meha Agarwal, gets a national platform for her creativity, while Walko gets a shot of adrenaline into its innovation pipeline.

1. Introduction to the Acquisition

1.1 What It Means When Walko Acquires Meemee

Saying “Walko acquires Meemee” doesn’t just check a business headline—it disrupts dessert norms. Walko, with its well-defined premium identity, is now pairing up with Meemee, a label that’s loud, bold, and built for digital natives. The message? There’s room for both polish and play in India’s dessert game.

And it’s not just a one-sided win. Meemee’s products already had strong traction, but lacked the infrastructure muscle. Walko offers that. With deeper retail roots and a digital command centre, it unlocks Meemee’s potential beyond Mumbai’s food-obsessed alleys.

1.2 Why This Move Matters Now

India’s frozen dessert scene isn’t what it used to be. We’re talking less nostalgia, more novelty. Traditional titans like Amul and Mother Dairy are still huge, but the demand curve is bending toward artisan flair and bold experiences.

Walko’s acquisition of Meemee is an early and smart answer to that shift. It’s not just about flavours—it’s about format, personality, and being where the consumer is: on the scroll, on the go, and the hunt for something new.

2. The Walko Business Model

2.1 Products and Services

Walko plays across several brands:

• NIC Ice Creams: Pure ingredients, zero preservatives.
• Grameen Kulfi: Throwback kulfis with an urban twist.
• Mimo: Sleek, scooped, and modern.
• Meemee’s: Wild formats, younger voice, and instant shareability.

From nostalgic kulfi carts to TikTok-worthy ice cream toasties, Walko’s portfolio is now a full-spectrum dessert experience.

2.2 Revenue and Distribution Model

Walko runs on an omnichannel engine. It doesn’t just rely on walk-ins or retail chains. It thrives on quick commerce and digital presence:

• Retail shelves: Think Big Bazaar and Reliance Fresh.
• App-first delivery: Swiggy, Zomato, Amazon Fresh, Blinkit, and more.
• Physical outlets: High-traffic locations with a visual vibe.

The revenue mix? Part B2C sales, part third-party distribution, and increasingly, direct-to-customer models that help control margins and user experience.

2.3 Funding and Financial Backing

Money talks, and Walko has been raising it with purpose. In 2023, NIC Ice Creams pulled in $20 million in funding, led by Jungle Ventures. This kind of capital infusion isn’t just about scaling—it’s a war chest for strategic moves. The Meemee acquisition is the latest example.

3. Who Is Meemee’s Ice Creams?

3.1 Founding and Philosophy

Meemee’s wasn’t built in a boardroom. It was dreamt up by Meha Agarwal, a founder who clearly understood that dessert, for the younger crowd, is an experience, not just a food.

She dreamt up Meemee’s as a rebellion against boring. Think: molten toasties hugging ice-cold scoops, palm-sized tubs perfect for sidewalk cravings, and rolled ice creams that put on a show before the first bite. The brand vibe? Loud, playful, and so in-your-face it practically dares you to scroll past.

3.2 What Problems Does Meemee Solve?

Let’s be real—most traditional ice creams are boring. Meemee fixed that.

• It offered treats that looked as good as they tasted.
• It embraced the grab-and-go lifestyle.
• It made frozen desserts exciting again, especially for the social media generation.

That’s not just solving a flavour problem. That’s solving a boredom problem.

3.3 Target Market and Growth

Meemee’s was made for Tier 1 consumers. Gen Z. Millennials. The “I-want-it-now” crowd.

Growth came through buzz, not billboards. Think viral Instagram stories, happy customers sharing mini tub unboxings, and Google Maps ratings that matter. Now, with Walko’s network, Meemee’s is gearing up for a national glow-up.

4. Industry Context and Trends

4.1 Market Size and Growth Potential

The dessert space in India isn’t just about kulfi and cones anymore. It’s a ₹44,000 crore opportunity, growing at 11% every year. And the catalysts?

• Disposable income surges
• Urban sprawl and late-night cravings
• Swipe-to-order culture
• Taste buds craving complexity

Artisan desserts are riding this wave hard, and Walko knows it.

4.2 Shift Toward Artisanal and D2C

There’s a clear migration: from basic to bespoke. And the D2C model fits this evolution perfectly.

Why?

• Direct consumer feedback
• Faster trend testing
• Better storytelling and brand intimacy

Meemee thrives in this space. Walko knows how to scale it.

5. Competitor Landscape

5.1 Direct Competitors

The premium ice cream world isn’t exactly empty. Walko now shares shelves with:

• Baskin Robbins
• Cream Bell
• Cream and Fudge
• Havmor

They’ve got recognition. Walko’s betting on differentiation.

5.2 Indirect Competitors

Then there’s the mass-market gang:

• Amul
• Mother Dairy

And the rising artisanal underdogs in cities like Bengaluru and Delhi. They may not be huge yet, but they’ve got cult followings. Which makes brand storytelling and emotional connection even more critical.

6. Journey of Walko Food Company

6.1 Founders and Early Days

Back in 2012, Jeetendra Bhandari, Sanjiv Shah, and Raj Bhandari planted the seeds of Walko in Pune. Their mission? Break out of the generic dessert mould.

NIC started the fire—artisanal, pure, and local. And from there, Walko evolved like a well-layered sundae: one bold layer at a time.

6.2 Key Milestones

• 2012: Walko is born.
• 2016–2020: Mimo, Grameen Kulfi, and more added.
• 2022: Crosses 100 cities.
• 2023: Bags $20 million in funding.
• 2024: Meemee joins the table.

7. Future Outlook

What’s cooking next? A lot.

• Meemee’s is heading to every city where Walko has a freezer.
• Expect some wild co-branded launches.
• Global dessert trends might just get a desi remix.

And through it all, Walko will likely keep Meemee’s brand intact. Because when it comes to desserts, attitude matters as much as the taste.

Learnings for Startups and Entrepreneurs

Here’s what startups can pick up from this frosty deal:

• See shifts early: Artisanal wasn’t huge, but Walko got in early.
• Scale creatively: Meemee’s has flavour. Walko added reach.
• Use funding wisely: Money should fuel more than just ads. It should build empires.
• Keep reinventing: The market is loud. Innovation is your megaphone.

About Foundlanes

At foundlanes.com, we don’t just cover press releases—we decode what they mean for the startup landscape. From F&B shake-ups to tech-first pivots, our lens stays sharp on what’s next. The story of how Walko acquires Meemee isn’t just about dessert—it’s about foresight, guts, and building brands that stick. And we’ll be watching closely, spoon in hand.