When many startups chase headlines, Milky Mist has quietly built one of India’s most mature dairy brands. Founded in 1985 by T. Sathish Kumar in Tamil Nadu, the company has grown into a 1 million L/day automated operation, serving over 70,000 farmers and producing 150+ SKUs including paneer, curd, ghee, and cheese from its 75-acre plant in Perundurai.
Now, on the eve of its IPO, Milky Mist is tapping the markets again: a ₹357 crore (~$42 million) pre-IPO round has been filed with the RoC. The funds come months after converting into a public company and follow board approval to issue equity worth ₹1,785 Cr setting the stage for a ₹2,000 Cr IPO later this year, valuing the company around $2.3 billion.
Why This Round Matters
- Valuation Leap: From ₹6,000 Cr in 2023 to a projected ₹20,000 Cr in 2025, Milky Mist is now in league with India’s dairy giants. Expect lead managers like JM Financial, IIFL Capital, and Axis Bank to steer the IPO.
- Product Expansion & ESOPs: With 1 Crore ESOP shares approved, the firm is rewarding key talent ahead of listing. New SKUs like Skyr yogurt and probiotic buttermilk signal a shift toward premium dairy.
- Steady Growth: FY24 saw ₹1,900 Cr in revenue (+33% YoY) and profits around ₹19.5 Cr. FY25 is estimated to reach ₹2,500 Cr, with refinements in cost and distribution driving margin improvements.
What This Signals for India’s Dairy Sector
Milky Mist is emerging as Amul’s keystone competitor not through aggressive burn, but via disciplined scaling and consumer-first innovation. Its direct farm‑to‑fork model anchors brand trust, while increased automation and premium product drive national expansion beyond South India.
The upcoming IPO won’t just raise funds—it will broadcast Milky Mist’s evolution: from regional SME to national dairy powerhouse, powered by innovation, integrity, and Indian supply-chain excellence.
