Millennium Babycares announced the closure of the private placement round of ₹122 crore from Bharat Value Fund, managed by Pantomath Capital Management.
Bharat Value Fund (BVF) is the second Category II Alternative Investment Fund (AIF) launched by India Inflection Opportunity Trust (IIOT) in August 2024 and managed by renowned industry leader Madhu Lunawat with a targeted corpus of ₹2,000 crores.
Commenting on the equity fundraise, Ramprakash Beria, Founder of Millennium said, “We are elated to announce a major milestone in Millennium’s journey as we secure an equity raise of INR 1220 Million from Bharat Value Fund. 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.”
Madhu Lunawat, CIO of Bharat Value Fund observed, “We are pleased to invest in Millennium, recognizing their strong potential in the diaper industry. Bumtum, their flagship brand, is well-positioned for rapid market expansion, both in India and internationally. This investment will support Bumtum’s plant expansion and aggressive growth through General Trade (GT) and export markets.”
She further added, “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. We are humbled to support their growth journey and look forward to their continued success.”
Founded in 2015, Millennium is a key player in the hygiene care industry, specializing in baby care, fem-care, and adult care products. The company is a top contract manufacturer and also sells baby diapers under the “Bumtum” brand, adult incontinence products under “Elduro,” and fem-care products under “Freeme” through omnichannel sales.
The Company is the first domestic manufacturer in India to set up Japanese lines, which will enable the manufacturing of high quality, ultra-premium range of products to cater to multiple segments in the Indian and international markets.
Millennium clocked revenue of ₹585 crores in FY24 growing at a CAGR of 53% over Fiscal 2020 to 2024. Millennium produces 4 million baby diapers, 500,000 sanitary napkins, and 100,000 adult diapers daily.
