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Exclusive: Milky Mist to raise Rs 357 Cr in pre-IPO round

EntrackrEntrackr · 2m ago
Exclusive: Milky Mist to raise Rs 357 Cr in pre-IPO round
Medial

Dairy company Milky Mist is set to raise Rs 357 crore (around $42 million) in a pre-IPO funding round, according to a filing with the Registrar of Companies (RoC). However, the regulatory filing did not disclose the names of the investors participating in the pre-IPO round. The company also received the board’s nod for the fresh issue of Milky Mist’s equity shares worth Rs 1,785 crore ($210 million), according to a separate resolution reviewed by Entrackr. This development comes nearly two months after the company converted into a public entity, as exclusively reported by Entrackr. The planned IPO may also include an offer-for-sale component, potentially taking the total amount to be raised to over Rs 2,000 crore. The IPO is expected to value the company at approximately $2.3 billion, with JM Financial, IIFL Capital, and Axis Bank likely to serve as the lead managers. Milky Mist’s board has also approved the launch of a new ESOP pool, named the ‘Milky Mist Dairy Food – ESOP Scheme 2025,’ comprising 1 crore equity shares at a face value of Rs 2 each, with a minimum vesting period of one year, filing added. Founded by T. Sathish Kumar, Milky Mist follows a farm-to-fork model, sourcing milk directly from farmers and producing over 150 SKUs across 20 categories such as curd, paneer, ghee, and cheese. It sells products online and manages its full supply chain, with distribution mainly focused in South India. In the fiscal year ended March 2024, the company reported a 33% year-on-year revenue growth to Rs 1,900 crore. However, its profit dropped to Rs 19.46 crore in FY24, down from Rs 28 crore in the previous fiscal.

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Milky Mist posts Rs 2,349 Cr revenue in FY25, profit jumps over 2.4X

EntrackrEntrackr · 1m ago
Milky Mist posts Rs 2,349 Cr revenue in FY25, profit jumps over 2.4X
Medial

Milky Mist posts Rs 2,349 Cr revenue in FY25, profit jumps over 2.4X Dairy company Milky Mist has filed its draft red herring prospectus (DRHP) with the Securities Exchange Board of India to raise up to Rs 2,035 crore through an initial public offering (IPO). The company's financial report for FY25 indicates a 2.4X spike in its profit with a decent growth in revenue. Milky Mist’s revenue from operations grew 29% to Rs 2,349 crore in FY25 from Rs 1,822 crore in FY24, according to its restated financial statement sourced from the DRHP. Paneer remained Milky Mist’s top-selling product in FY25 with Rs 694 crore in revenue, followed by cheese at Rs 408 crore and curd at Rs 370 crore. Ice cream emerged as the fastest-growing segment with a 294% jump to Rs 138 crore, while other products like ghee, milk, and beverages brought in Rs 739.5 crore. Regionally, Karnataka and Tamil Nadu led the charts with nearly equal contributions, while West India (Rs 418 crore) and North-Central India (Rs 116 crore) posted the highest growth at 49% and 55%, respectively. Export revenue also surged 43% to Rs 88.5 crore. On the expense front, the cost of materials continued to be the biggest outlay, growing 24% to Rs 1,553 crore in FY25. Employee benefit expenses rose to Rs 145 crore, while depreciation and finance costs increased to Rs 136 crore and Rs 86 crore, respectively. Notably, selling and distribution costs jumped over 134% to Rs 122 crore. Overall, total expenses increased 27% to Rs 2,267 crore in FY25 from Rs 1,784 crore a year earlier. Milky Mist ended the year with a return to strong profitability, with a spike of 2.4X to Rs 46 crore in FY25 from Rs 19 crore in FY24. Its ROCE and EBITDA margin stood at 11.57% and 13.14% respectively. The company spent Rs 0.96 to earn a rupee of operating revenue in FY25. The company reported current assets worth Rs 419 crore, including Rs 21 crore in cash and bank balance. As per the DRHP, Anitha S is the largest shareholder with a 51.45% stake in Milky Mist, followed by T. Sathishkumar who owns 40.94%. Aquarius Family Private Trust and Taurus Family Private Trust hold 2.5% each in the company. JM Financial, Axis Capital, and IIFL Securities are the book-running lead managers for the IPO.

Milky Mist converts to public company as IPO nears

EntrackrEntrackr · 3m ago
Milky Mist converts to public company as IPO nears
Medial

Dairy company Milky Mist moves a step closer to its Rs 2,000 crore initial public offering as it passes a resolution to convert into a public company. Dairy company Milky Mist moves a step closer to its Rs 2,000 crore initial public offering as it passes a resolution to convert into a public company. This development follows the recent appointment of two independent directors, Radha Venkatakrishnan and Mallika S Janakiraman, as exclusively reported by Entrackr in April. The board at Milky Mist passed a special resolution to change its status to a public company and rename it from “Milky Mist Dairy Food Private Limited” to “Milky Mist Dairy Food Limited”, as per its regulatory filing. According to media reports, the company is planning to launch a Rs 2,000 crore IPO, which will include both fresh shares and an offer for sale. The IPO is expected to value the company at around $2.3 billion, with JM Financial, IIFL Capital, and Axis Bank likely to be the lead managers. Founded by T. Sathish Kumar, Milky Mist operates a direct farm-to-fork model, sourcing milk directly from farmers and producing over 150 SKUs across 20 categories, including curd, paneer, ghee, and cheese. It also offers online purchase of its products and controls the entire supply chain to ensure quality, with distribution focused mainly in South India. In the fiscal year ending March 2024, the company posted a 33% year-on-year revenue growth, reaching Rs 1,900 crore. However, its profit declined to Rs 19.46 crore in FY24 from Rs 28 crore in the previous fiscal. Milky Mist joins the league of companies such as boAt, Pine Labs, OfBusiness, Shiprocket, and Shadwofax which turned into public entities as they anticipate their initial public offerings in near future or 2025.

Milky Mist appoints independent directors ahead of IPO

EntrackrEntrackr · 5m ago
Milky Mist appoints independent directors ahead of IPO
Medial

Indian dairy company Milky Mist has appointed two independent directors to comply with the Companies Act’s independence requirements ahead of filing its Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI). The board at Milky Mist has appointed Radha Venkatakrishnan and Mallika S Janakiraman as additional directors (in the capacity of independent directors), its regulatory filing accessed from the Registrar of Companies (RoC) shows. According to media reports, the company plans to raise Rs 2,000 crore through its IPO, comprising a mix of fresh issues and offers for sale, with an estimated valuation of around $2.3 billion. JM Financial, IIFL Capital, and Axis Bank are likely to serve as lead managers for the offering. Founded by T. Sathish Kumar, Milky Mist follows a direct farm-to-fork model, sourcing milk from farmers and processing it in its facility. Specializing in value-added dairy products like paneer, cheese, and curd, it serves modern trade, quick commerce, and HoReCa segments. The company claims to process 1.5 million litres of milk daily at its fully automated 75-acre facility in Perundurai, Tamil Nadu. During the fiscal year ending March 2024, the company recorded 33% year-on-year growth in its revenue to Rs 1,900 crore. However, its profit slipped to Rs 19.46 crore in FY24 from Rs 28 crore in FY23. Recently, several companies such as Zepto, Physics Wallah, and Shadowfax have appointed independent directors to comply with regulatory requirements set by the Securities and Exchange Board of India (SEBI) ahead of their planned public listings.

Exclusive: Finnable to raise Rs 250 Cr in new round

EntrackrEntrackr · 3d ago
Exclusive: Finnable to raise Rs 250 Cr in new round
Medial

Exclusive: Finnable to raise Rs 250 Cr in new round Digital lending platform Finnable is set to raise Rs 250 crore (approximately $29 million) in its pre-series C round from Matrix Partners, TVS Capital, and India Nippon Electricals Limited. The company has passed a board resolution and allotted 3,35,238 Pre-Series C preference shares at an issue price of Rs 3,788.35 each and secured Rs 127 crore or $14.7 million. During the first tranche of the pre-series C round of Rs 127 crore, Matrix Partners has injected Rs 125 crore, while India Nippon pumped in Rs 2 crore. The remaining funds are expected to be infused shortly, completing the round. The development comes six months after Ranjan Pai’s family office invested Rs 40 crore in the company. According to Entrackr’s estimates, the company would be valued at Rs 1,300 crore or $150 million post-money. Before this round, MEMG Family Office LLP held 18.69% in Finnable, while Matrix Partners India and TVS Shriram Growth owned 14.53% and 8.05%, respectively. Co-founder and CEO Nitin Gupta retained over 24%. The cap table is set to shift with the fresh infusion from Matrix and TVS, alongside dilution of the founders’ stake. Founded in 2016 by ex-bankers Nitin Gupta, Amit Arora, and Viraj Tyagi, Finnable is a Bengaluru-based fintech startup offering personal loans to salaried professionals. The company is at the AUM of Rs 3,000 crore and has served over 2.7 lakhs customers. Finnable has yet to file its FY25 numbers. In FY24, the company posted a revenue of Rs 181.7 crore with losses of Rs 5.88 crore.

Exclusive: IPO-bound Bluestone raises Rs 100 Cr debt from Neo Markets

EntrackrEntrackr · 1y ago
Exclusive: IPO-bound Bluestone raises Rs 100 Cr debt from Neo Markets
Medial

Omnichannel retailer Bluestone has raised Rs 100 crore or $12 million in debt from Neo Markets. This is the third debt investment for the Bengaluru-based company this year. The board at Bluestone has passed a special resolution to issue 10,000 debentures at Rs 1,00,000 each to raise the above-mentioned sum, its regulatory filings sourced from the Registrar of Companies show. The development has come at a time when the Peak XV-backed company reportedly aims to raise $100 million in its pre-IPO round. As per media reports, the pre-IPO funding will be a mix of primary and secondary where the early backers may score hefty returns. The company has raised around $190 million to date including $66 million from Ranjan Pai and others in September last year. According to the startup data intelligence platform TheKredible, Accel is the largest stakeholder amongst investors with 21.2% followed by Kalari Capital which holds 12.35% of the company. Founded in 2011 by Gaurav Singh Kushwaha, Bluestone provides an extensive jewelry collection for both men and women, available through its website and network of offline stores. According to the firm’s website, it operates over 190 stores across 75 cities. Bluestone continued to grow its revenue and narrow losses in the fiscal year ending March 2023. During FY23, the firm achieved 65% year-on-growth and its collection stood at Rs 787 crore while its losses dwindled 87% to Rs 167 crore. It’s yet to file its annual results for FY24. It directly competes with Melorra, Giva, and CaratLane. Titan, which owned 99.64% stake in CaratLane, recently said that it will buy the remaining 0.36% stake of the company for Rs 60.08 crore ($7.2 million).

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