India's consumerware market was valued at $3.38 billion in 2025 and is expected to reach about $5.62 billion over the next four years, according to an October report by Ambit.
Both the people spoke on the condition of anonymity. Bain declined to comment, while Kotak and Cello did not respond to Mint's requests for comment till press time.
The company's shares have fallen 36.4% since the beginning of the year, closing at ₹344.1 on the National Stock Exchange on Monday.
Cello operates 13 manufacturing facilities across five strategic locations in India and has a distribution network of more than 700 distributors and 50,000 retail touchpoints. It also exports to over 65 countries, according to its official website.
For FY26, Cello reported consolidated revenue of ₹2,379 crore, up from ₹2,181 crore a year earlier. Net profit, however, declined to ₹332 crore in FY26 from ₹365 crore in FY25, according to the company's annual report.
Growth market
Cello World went public in November 2023 through a ₹1,900-crore initial public offering comprising entirely an offer for sale, with the promoter family selling part of its stake. The company did not raise any primary capital through the IPO. Its key competitors include Milton, La Opala RG and Borosil, according to online reports.
Sneha Shah
Sneha Shah is the editor for deals and startups at Mint. Starting off her career in India’s financial capital as a cub reporter for the Mid-day newspaper in the mid-2000s, she later moved on to decode balance sheets and follow the money trail for some of the leading pink publications in the country. She has been covering India’s deals ecosystem for nearly two decades now, closely tracking private- and public-market funding, startups, private equity, venture capital, and investment banking. From breaking some of the biggest deal stories of the past to doing some incisive deep-dives into the latest trends and turnarounds in the industry, she has witnessed the phenomenal growth and transformation of the country’s investment ecosystem from really close quarters. A graduate in journalism, she has worked with The Economic Times, Financial Chronicle, VCCircle and Mid-Day before starting her second stint at Mint in 2022. As a keen observer of India’s startups ecosystem, she aspires to write a book some day, chronicling some of the most inspiring stories the industry has seen so far in its remarkable journey.
Priyamvada C
Priyamvada is a Mumbai-based business journalist at Mint. She writes about the public and private markets with a key focus on venture capital, private equity, M&As and private credit. Her coverage also spans startups and emerging businesses.Over the last two years, she has uncovered some of the largest deals and interviewed important decision-makers from India’s investment ecosystem. She likes to dabble across different formats like long forms and explainers. Her work has been consistently displayed on the publication's deals page, and she has also written multiple front-page stories.Prior to joining Mint in 2024, she worked out of Reuters’ Bengaluru bureau where she extensively covered the travel, transportation, and logistics industries. Across both her stints, Priyamvada has displayed rigour for breaking news and analyzing interesting data-driven trends. She holds a postgraduate diploma from the Asian College of Journalism's Bloomberg programme. In her free time, she enjoys reading books and trying out different cuisines. She is keen to delve deeper into the various sectors she covers and is always up for a chat. You can reach out to her at priyamvada.c@livemint.com.