Millenium Babycares, the parent company of D2C brand Bumtum, has raised INR 122 crore ($14.5 million) in a private placement round from Pantomath Capital-managed Bharat Value Fund (BVF).
Fund͏͏ Utilisation:
The͏͏ investment͏͏ firm͏͏ secured͏͏ a͏͏ minority͏͏ stake͏͏ in͏͏ the͏͏ company.͏͏ The͏͏ capital͏͏ will͏͏ be͏͏ utilized͏͏ to͏͏ enhance͏͏ the͏͏ startup’s͏͏ manufacturing͏͏ capabilities͏͏ and͏͏ to͏͏ bolster͏͏ its͏͏ presence͏͏ in͏͏ both͏͏ general͏͏ trade͏͏ (GT)͏͏ and͏͏ export͏͏ markets.
Commenting͏͏ on͏͏ the͏͏ fundraise,͏͏ Millenium͏͏ Babycare͏͏ founder͏͏ Ramprakash͏͏ Beria͏͏ stated,͏͏ “This͏͏ private͏͏ placement͏͏ reinforces͏͏ our͏͏ confidence͏͏ in͏͏ Millennium’s͏͏ potential͏͏ for͏͏ robust͏͏ growth.͏͏ We͏͏ are͏͏ dedicated͏͏ to͏͏ our͏͏ mission͏͏ of͏͏ providing͏͏ hygiene͏͏ care͏͏ products͏͏ while͏͏ broadening͏͏ our͏͏ market͏͏ reach͏͏ and͏͏ enhancing͏͏ value͏͏ for͏͏ our͏͏ stakeholders.”
“Bharat͏͏ Value͏͏ Fund͏͏ is͏͏ dedicated͏͏ to͏͏ investing͏͏ in͏͏ companies͏͏ that͏͏ create͏͏ long-term͏͏ value,͏͏ and͏͏ Bumtum’s͏͏ commitment͏͏ to͏͏ quality͏͏ and͏͏ innovation͏͏ resonates͏͏ with͏͏ our͏͏ vision.͏͏ Their͏͏ flagship͏͏ brand͏͏ is͏͏ poised͏͏ for͏͏ swift͏͏ market͏͏ expansion,͏͏ both͏͏ domestically͏͏ and͏͏ internationally,”͏͏ remarked͏͏ Madhu͏͏ Lunawat,͏͏ chief͏͏ investment͏͏ officer͏͏ (CIO)͏͏ of͏͏ Bharat͏͏ Value͏͏ Fund.
Continue͏͏ Exploring:͏͏ D2C͏͏ kids͏͏ personal͏͏ care͏͏ brand͏͏ Tuco͏͏ Intelligent͏͏ raises͏͏ $2͏͏ Mn͏͏ to͏͏ expand͏͏ operations
Diverse͏͏ Portfolio͏͏ of͏͏ Millenium Babycares:
Founded͏͏ in͏͏ 2015,͏͏ Millenium͏͏ Babycares͏͏ operates͏͏ in͏͏ three͏͏ verticals:͏͏ baby͏͏ care,͏͏ femcare,͏͏ and͏͏ adult͏͏ care͏͏ products.͏͏ The͏͏ company͏͏ sells͏͏ baby͏͏ diapers͏͏ under͏͏ the͏͏ “Bumtum”͏͏ brand͏͏ and͏͏ produces͏͏ adult͏͏ incontinence͏͏ and͏͏ femcare͏͏ products͏͏ under͏͏ the͏͏ brand͏͏ names͏͏ “Elduro”͏͏ and͏͏ “Freeme,”͏͏ respectively.
The͏͏ company͏͏ adopted͏͏ the͏͏ D2C͏͏ model͏͏ in͏͏ 2021,͏͏ launching͏͏ its͏͏ products͏͏ on͏͏ e-commerce͏͏ platforms͏͏ like͏͏ Amazon͏͏ and͏͏ Flipkart.͏͏ Additionally,͏͏ its͏͏ products͏͏ are͏͏ available͏͏ for͏͏ purchase͏͏ on͏͏ its͏͏ own͏͏ website.
The͏͏ startup͏͏ produces͏͏ 4͏͏ million͏͏ baby͏͏ diapers,͏͏ 5͏͏ lakh͏͏ sanitary͏͏ napkins,͏͏ and͏͏ 1͏͏ lakh͏͏ adult͏͏ diapers͏͏ daily.͏͏ It͏͏ has͏͏ also͏͏ reached͏͏ a͏͏ revenue͏͏ of͏͏ INR͏͏ 585͏͏ crore͏͏ in͏͏ the͏͏ fiscal͏͏ year͏͏ 2023-24͏͏ (FY24).
Strong͏͏ Revenue͏͏ Growth͏͏ Reported:
In͏͏ a͏͏ statement,͏͏ the͏͏ investment͏͏ firm͏͏ highlighted͏͏ that͏͏ the͏͏ company͏͏ achieved͏͏ a͏͏ compounded͏͏ annual͏͏ growth͏͏ rate͏͏ (CAGR)͏͏ of͏͏ 53%͏͏ from͏͏ FY20͏͏ to͏͏ FY24.͏͏ It͏͏ also͏͏ noted͏͏ that͏͏ Millennium͏͏ Babycare͏͏ reported͏͏ a͏͏ revenue͏͏ of͏͏ INR͏͏ 150͏͏ crore͏͏ for͏͏ the͏͏ fiscal͏͏ year͏͏ that͏͏ ended͏͏ in͏͏ March͏͏ 2023.
The͏͏ startup͏͏ has͏͏ secured͏͏ new͏͏ capital͏͏ from͏͏ Pantomath͏͏ Capital’s͏͏ second͏͏ Category͏͏ II͏͏ alternative͏͏ investment͏͏ fund͏͏ (AIF),͏͏ known͏͏ as͏͏ BVF.
In͏͏ August,͏͏ Pantomath͏͏ set͏͏ a͏͏ target͏͏ corpus͏͏ of͏͏ INR͏͏ 2,000͏͏ crore͏͏ ($240͏͏ million)͏͏ for͏͏ the͏͏ Bharat͏͏ Value͏͏ Fund͏͏ (BVF).͏͏ The͏͏ fund͏͏ achieved͏͏ its͏͏ first͏͏ close͏͏ with͏͏ commitments͏͏ above͏͏ INR͏͏ 1,000͏͏ crore.
In͏͏ addition͏͏ to͏͏ BVF,͏͏ Pantomath͏͏ also͏͏ manages͏͏ another͏͏ AIF,͏͏ the͏͏ India͏͏ Inflection͏͏ Opportunity͏͏ Fund,͏͏ which͏͏ has͏͏ backed͏͏ eight͏͏ entities͏͏ to͏͏ date,͏͏ including͏͏ Nurture͏͏ Well͏͏ Foods,͏͏ Vardhman͏͏ Group,͏͏ and͏͏ MKC͏͏ Agro͏͏ Fresh.
