Tamil Nadu-based dairy major Milky Mist Dairy Food has raised approximately ₹482 crore in a pre-IPO funding round, led by Jongsong Investments, an indirect wholly owned arm of Temasek Holdings, according to regulatory filings.
The funding round comprises a primary capital infusion of around ₹357 crore and a secondary share sale worth nearly ₹125 crore, setting a strong valuation benchmark ahead of the company’s planned public listing.
As part of the primary issuance, Milky Mist allotted equity shares and compulsorily convertible preference shares (CCPS) at ₹139.76 per share, with the entire primary investment subscribed by Jongsong Investments. The CCPS will be converted into equity on a 1:1 basis before the IPO.
In the secondary transaction, promoters Sathishkumar T and Anitha S offloaded nearly 89.44 lakh shares, collectively raising about ₹125 crore.
Founded in Tamil Nadu, Milky Mist has established a strong foothold in premium dairy categories, including paneer, cheese, curd, butter, and yoghurt. The company has steadily expanded beyond its southern stronghold, leveraging rising demand for branded, value-added dairy products and improved cold-chain infrastructure across India.
The investment underscores growing institutional interest in India’s consumption-driven businesses, particularly in the food and dairy segment. Market participants expect Milky Mist’s IPO to hit Dalal Street later this year, subject to regulatory approvals.
The fresh capital is expected to be deployed towards capacity expansion, strengthening distribution networks, and brand-building initiatives, as the company prepares for its next phase of growth in the public markets.