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Milky Mist converts to public company as IPO nears

EntrackrEntrackr · 1m 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 · 3m 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.

Hatsun Agro acquires Eight Road Ventures-backed Milk Mantra

EntrackrEntrackr · 5m ago
Hatsun Agro acquires Eight Road Ventures-backed Milk Mantra
Medial

Hatsun Agro acquires Eight Road Ventures-backed Milk Mantra Milk Mantra has raised nearly $35 million from the likes of Aavishkaar Venture Capital, Fidelity Growth Partners, Neev Fund, Eight Roads Ventures and US-based DFC. Hatsun Agro Product Limited (HAP), a dairy product manufacturer, has announced the acquisition of 100% of the share capital of Milk Mantra for Rs 233 crore ($27.5 million). This acquisition aims to strengthen HAP’s presence in the Eastern India dairy market, particularly in Odisha, where Milk Mantra’s brand, ‘Milky Moo’, has established a strong foothold, the company said in a stock exchange filing. The acquisition will be completed through a series of Share Purchase Agreements (SPAs) and other transaction documents with Milk Mantra’s existing promoters and shareholders. Post acquisition, Milk Mantra will become a wholly-owned subsidiary of HAP. Milk Mantra has raised nearly $35 million from the likes of Aavishkaar Venture Capital, Fidelity Growth Partners, Neev Fund, Eight Roads Ventures and US-based DFC. Established in 2009, Milk Mantra provides a range of products including milk, curd, cottage cheese, buttermilk, and cattle feed, among others. This acquisition seems to be a slump sale, given that Milk Mantra reported an operating revenue of Rs 276.42 crore in FY24, while the acquisition cost is Rs 233 crore. The Bhubaneshwar-based company also recorded a profit of Rs 9.78 crore in the last fiscal year. However, its revenue has remained nearly stagnant over the past three fiscal years. Milky Mist, a well-established company, reported revenue of Rs 1,907.21 crore in FY24, positioning itself as one of the leading players in the D2C dairy brand sector. According to media reports, Milky Mist is also planning an initial public offering (IPO) this year, aiming to raise approximately Rs 2,000 crores through the listing. Milk Mantra also faces competition from new age companies like Country Delight, Akshayakalpa, and Sid’s Farm. ‘Grow or die’ seems to be the mantra that sank Milk Mantra, as its inability to break out of the rut saw it sold for a valuation that is less than 1x sales, despite profitability to boot. It also indicates a high share of liquid milk in the portfolio, where margins again are severely limited till the time you try a stunt like A2 milk or other options and get away with it long enough. For the publicly listed, Chennai-based Hatsun, the acquisition would seem to be a decently valued fit for its portfolio, improving its footprint significantly at an acceptable cost. Which explains the little movement in the stock price post announcement as well.

Dairy startup Doodhvale Farms raises $3 Mn in Series A round

EntrackrEntrackr · 7m ago
Dairy startup Doodhvale Farms raises $3 Mn in Series A round
Medial

Dairy startup Doodhvale Farms has raised $3 million in a Series A funding round co-led by Atomic Capital and Singularity Early Opportunities Fund. The round also saw participation from Bharat Founders Fund, Indigram Labs Foundation, and angel investors including Ramakant Sharma, Ankit Tandon, Livspace CEO Saurabh Jain, and Arjun Vaidya. The Delhi-based company had previously raised $1.12 million in 2020. The proceeds from the latest funding will be utilized to accelerate the company’s expansion, strengthen its distribution networks, diversify its product portfolio, and upgrade its technology infrastructure, Doodhvale said in a press release. Co-founded in 2019 by Aman J. Jain, Ishu Jain, Sanjay Jain, and Sudhir Jain, Doodhvale Farms is a fully vertically integrated, technology-driven Direct-to-Consumer (D2C) dairy and daily essentials company. It produces and delivers premium, farm-fresh products directly to consumers’ doorsteps, aiming to provide the nutrient-rich, farm-fresh experience milk was always meant to offer. The company ensures delivery within 36 hours. The company claims to have maintained a strong growth trajectory, achieving 100% year-over-year growth, consistent profitability on an EBITDA basis for three consecutive years. Doodhvale Farms aims to compete with traditional brands like Mother Dairy and Amul, as well as new-age brands like Country Delight, Akshayakalpa, Sid’s Farm, and Milky Mist.

Country Delight raises Rs 200 Cr in debt from Alteria

EntrackrEntrackr · 8m ago
Country Delight raises Rs 200 Cr in debt from Alteria
Medial

Gurugram-based dairy brand and daily essential brand Country Delight has raised Rs 200 crore in venture debt from Alteria Capital. The D2C firm received Rs 140 crore in debt across two tranches in May and August. Entrackr exclusively reported the development. It also scooped up $20 million in an equity round early this year. The debt funds will be used to support the company’s expansion, increase capacity, and drive brand marketing efforts, the company stated in a press release. “As we scale our operations and prepare for our IPO journey, it is important for us to use various capital sources to improve financial efficiency and also set us up for the next phase of growth,” said Chakradhar Gade, co-founder and CEO of Country Delight. Launched by Gade and Nitin Kaushal, Country Delight provides a range of dairy products, bakery goods, poultry, and farm produce to its customers. The company sources its products directly from dairy farms and caters to 1.5 million customers in 15 cities including Delhi (NCR), Mumbai, Bengaluru, Jaipur, Chennai, and Pune. As per startup data intelligence platform TheKredible, Country Delight is close to becoming a unicorn as it was valued at around $820 million in the last equity round. It has raised around $200 million to date. For the fiscal year FY24, Country Delight posted a revenue of Rs 1,380 crore, according to a report by The ARC. In FY23, its revenue was estimated at around Rs 900 crore against Rs 542.6 crore in FY22. The firm has yet to report FY23 and FY24 numbers officially. Recently, Stellapps secured $26 million in a Series C funding round. The company also faces competition from Akshayakalpa, Sid’s Farm, Milky Mist, and, to a lesser extent, Otipy.

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