Bengaluru, 21 March 2024: Kedaara Capital today announced an investment in Dairy Classic Ice Creams Private Limited (“Dairy Day”), a leading ice cream brand in South India. Through the investment, Kedaara seeks to support the Company’s vision of emerging as one of India’s most loved ice-cream brands. The investment will also provide full exit to Motilal Oswal Private Equity and other Angel Investors. This partnership marks a pivotal moment in Dairy Day’s journey. 


Dairy Day, headquartered in Bengaluru, has established a strong presence in the states of Karnataka, Tamil Nadu, Andhra Pradesh, Telangana, and Maharashtra with over 50,000 retailers. Dairy Day will soon be adding 1.5 lakh litres per day production capacity to its existing two lakh litres per day capacity, and it has achieved a revenue growth of 30 per cent compounded annual growth rate (CAGR) over the last decade. 


Kedaara will work closely with the promoters, Mr. M.N. Jaganath and Mr. A Balaraju and the professional management team in the Company’s next phase of growth. 


M.N. Jaganath, Managing Director and CEO and A. Balaraju, Director – Technical  said “We are delighted to welcome Kedaara as our valued partner for the next phase of our growth. Given the convergence of values and aspirations, we are confident Kedaara will help us deliver on our vision to make Dairy Day one of India’s most loved ice-cream brands. Their wealth of expertise and in-depth retail and consumer experience will be invaluable as we expedite our growth. We are confident of setting up world- class production facilities in various locations in the coming years. We are also thankful to Motilal Oswal Private Equity – our collaboration with them has been extraordinary. Our relationship has set a gold standard for what a true partnership should be.”


Sunish Sharma, Founder and Managing Partner and Anant Gupta, Managing Director of Kedaara Capital,  said, “Ice Cream is one of the fastest growing categories within the entire food & beverage segment. Dairy Day’s dedication to quality, and its commitment to delivering “goodness” has resonated deeply with consumers across its target markets, propelling the brand to a market-leading position. The company is led by a passionate and very strong execution focused team. We are excited to partner with Mr. M.N. Jaganath, Mr. A. Balaraju, and rest of the team to help them unlock Dairy Day’s full potential, and further strengthen its leadership position.”  


Mr. Vijay Dhanuka, Managing Director, MO Alternates,  said, “As long-term shareholders and partners to Mr. M.N. Jaganath and team, we have had a ring side view of Dairy Day’s growth journey. Over the last 6 years, they have demonstrated strong growth and established a market leading position in South India. With Kedaara coming in, we believe the Company will be well-funded and strengthened to build an enduring business.”  


EY acted as the exclusive investment banker on this transaction. 


About Dairy Day 

Founded in 2002 by Mr. M.N. Jaganath and Mr. A. Balaraju and team, Dairy Day has established a strong presence in the states of Karnataka, Tamil Nadu, Andhra Pradesh, Telangana, and Maharashtra with ~50,000 retailers. Dairy Day offers a full suite of products across a variety of flavours and formats (Cups, Candies, Sorbet, Sticks, Cones, Tubs, Cakes etc.) across General Trade, Modern Trade and Online channels. 

For more information about Dairy Day, please visit


About Kedaara 

Kedaara is an operationally oriented private equity firm pursuing control and minority investment opportunities in India. It currently advises / manages over ~USD 3.7 billion through investments in several market leading businesses across a variety of sectors including consumer, financial services, pharma/healthcare, technology / business services and industrials. Kedaara’s operating partner model comprises former CEOs with proven track records of building market leading businesses enabling them to realize their full potential. Since its inception, Kedaara has remained singularly dedicated to its stated strategy of focusing on investments built through trust-based relationships with best-in-class entrepreneurs and management teams across secular fast growing end markets. Kedaara combines the strengths of a well- networked, highly experienced local investing and operating team, with the experience of their strategic partner, Clayton, Dubilier & Rice, a global private equity firm whose investment model blends financial skills with operating expertise. 

For more information about Kedaara, please visit:


Media Contact:

Nalini Neha