The funds will be used for the expansion of the startup’s manufacturing unit and solidifying its presence in general trade (GT) and export markets
Founded in 2015, Millenium Babycares operates three verticals focussed on baby care, femcare, and adult care products
Millenium Babycares claims to produce 4 Mn baby diapers, 5 Lakh sanitary napkins, and 1 Lakh adult diapers daily. It also claims to have clocked a revenue of INR 585 Cr in FY24
D2C brand Bumtum’s parent Millenium Babycares has raised INR 122 Cr ($14.5 Mn) in a private placement round from Pantomath Capital-managed Bharat Value Fund (BVF).
The investment firm acquired a minority stake in the company. The funds will be used for the expansion of the startup’s manufacturing unit and to solidify its presence in general trade (GT) and export markets.
Commenting on the fundraise, Millenium Babycare founder Ramprakash Beria said, “With this private placement, we are confident that Millennium is well-positioned for a robust growth trajectory. We remain committed to our mission of delivering hygiene care products while expanding our market reach and enhancing value for our stakeholders”.
“At Bharat Value Fund, we believe in backing companies that drive long-term value, and Bumtum’s focus on quality and innovation aligns with our goals. Bumtum, their flagship brand, is well-positioned for rapid market expansion, both in India and internationally…,” said Bharat Value Fund’s chief investment officer (CIO) Madhu Lunawat.
Founded in 2015, Millenium Babycares operates three verticals focussed on baby care, femcare, and adult care products. It sells baby diapers under the “Bumtum” brand and manufactures adult incontinence and femcare products under brand names “Elduro” and “Freeme”, respectively.
The company took the D2C route in 2021 as it began selling its products on ecommerce platforms such as Amazon and Flipkart. The company also sells its products on its website.
The startup claims to produce 4 Mn baby diapers, 5 Lakh sanitary napkins, and 1 Lakh adult diapers daily. It also claims to have clocked a revenue of INR 585 Cr in the fiscal year 2023-24 (FY24).
In a statement, the investment firm said that the company witnessed a compounded annual growth rate (CAGR) of 53% between FY20 and FY24. Notably, Millennium Babycare’s revenue stood at INR 150 Cr in the fiscal ended March 2023.
The startup has netted fresh capital from Pantomath Capital’s second Category II alternative investment fund (AIF) called BVF.
In August, Pantomath said that it was eyeing a target corpus of INR 2,000 Cr ($240 Mn) for BVF. It marked the first close of the fund with commitments to the north of INR 1,000 Cr.
Besides BVF, Pantomath also operates another AIF India Inflection Opportunity Fund, which has so far backed eight entities, including Nurture Well Foods, Vardhman Group, and MKC Agro Fresh.
By Inc42 Media
Source: Inc42 Media