Bharat Value Fund, homegrown mid-market investor Pantomath’s category-II alternative investment fund, has invested $14.5 million (Rs 122 crore) in Indore-based hygiene care company Millennium Babycares Pvt. Ltd, operator of the BumTum brand.
The firm invested in Millennium via a private placement round. This development comes a month after the investor announced an investment in quartz surfaces and granite slab maker Marudhar Rocks International.
The company is the first domestic manufacturer in India to set up Japanese lines, which enables the manufacturing to cater to multiple segments in the Indian and international markets, according to the company website.
Founded in 2015, Millennium specialises in baby care, femcare, and adult care products. It sells baby diapers under the Bumtum brand, adult incontinence products under Elduro brand, and fem-care products under Freeme brand, through omni-channel sales.
Madhu Lunawat, CIO of Bharat Value Fund, said: “Bumtum, the flagship brand, is well-positioned for market expansion both in India and internationally. This investment will support Bumtum’s expansion and aggressive growth through General Trade (GT) and export markets.”
Millennium posted a revenue of Rs 585 crore in FY24, growing at a CAGR of 53% over FY20 to FY24. Millennium produces 4 million baby diapers, 500,000 sanitary napkins, and 100,000 adult diapers daily.
Meanwhile, BVF was floated by India Inflection Opportunity Trust, in August 2024, with a targetted corpus of close to Rs 2,000 crore ($240 million), including a base amount of Rs 1,000 crore and an additional green shoe option of Rs 1,000 crore.
The firm claims one of the first fund's notable successes includes a 10x valuation exit, with proceeds distributed to investors during the drawdown phase itself. It also claims to have returned over 60% of the amount invested to its investors from the first fund, so far.
Its portfolio companies include Inventys Research Company, Silver Consumer Electricals, MKC Agro Fresh, SAR Televenture, and Vikran Engineering & Exim.
Lunawat, the chief investment officer of India Inflection Opportunity Trust, is also the co-founder of Pantomath Financial Services Group. She has experience in corporate finance, treasury operations, investment banking, valuations and asset reconstruction.