Osam Dairy: HR Food gets Rs 45cr funding

With the dairy business set to touch the $155 billion mark by 2020, an increasing number of venture capitalists (VC) and private equity (PE) funds are betting big on dairy startups.Ranchi-headquartered HR Food Processing, makers of Jharkhand's popular dairy brand - Osam - for instance, has raised $6.7 million (nearly `45 crore) in series B funding from Lok Capital-advised Growth Catalyst Partners (GCP) and Aavishkar India-II Company.The fund will be used for ramping up capacity and distribution network, top company officials said. While GCP is the third VC fund, Aavishkaar India II happens to be an existing investor in the company.India is the largest producer (accounting for 18.5 per cent of world output) of milk and consumer of dairy products.