India’s premium dairy sector just received a significant vote of confidence from global institutional capital. Milky Mist has raised approximately ₹482 crore in a pre-IPO funding round from Jongsong Investments Pte Ltd, an indirect wholly owned subsidiary of Singapore-based sovereign wealth fund Temasek Holdings.
The round is split into two components: a primary capital infusion of ₹357 crore from Jongsong Investments, and a secondary share sale worth ₹125 crore by promoters Sathish Kumar T and Anitha S. The compulsorily convertible preference shares issued as part of the primary raise will convert into equity on a one-to-one basis before the listing.
The pre-IPO placement was executed at ₹139.76 per share, implying a pre-money valuation of approximately ₹8,976 crore. Milky Mist had received SEBI approval for its ₹2,035 crore IPO in October 2025, with that approval window valid until October 2026. The company is currently evaluating market conditions for the right listing window.
The financial trajectory gives Temasek’s bet a firm foundation. In FY26, Milky Mist clocked revenues of approximately ₹3,275 crore, exceeding its own internal growth estimates. In FY25, revenue had grown 29% to ₹2,349 crore from ₹1,822 crore in FY24, while profit jumped 2.4x to ₹46 crore.
What makes the Milky Mist model deliberately distinct is its no-liquid-milk policy. The company focuses entirely on premium value-added products — paneer, cheese, yogurt, ice cream, butter, and ghee — operating a fully automated processing facility in Perundurai, Erode, alongside its own integrated cold chain logistics. The brand architecture spans sub-brands SmartChef, Capella, Misty Lite, and recently acquired labels Briyas and Asal.
IPO proceeds are earmarked for debt repayment, expansion of the Perundurai facility with new whey protein concentrate, yoghurt, and cream cheese production units, as well as scaling cold chain distribution infrastructure, including visi coolers and ice cream freezers across retail channels.
India’s value-added dairy market is at an inflection point, driven by a growing middle class trading up from commodity milk to branded, packaged formats. Milky Mist, with its manufacturing-first approach and tight brand architecture, sits squarely at the centre of that shift. Temasek’s bet — at a nearly ₹9,000 crore pre-money valuation — suggests the street agrees.
