From Milky Mist to HealthFab: 7 Indian startups raise over Rs 1,000 crore in May so far

Milky Mist brings in Temasek ahead of IPO

Erode-based dairy company Milky Mist has raised Rs 482 crore from Jongsong Investments, an indirect subsidiary of Singapore’s Temasek Holdings, in a pre-IPO round that values the company at roughly Rs 9,300 crore. That is a sharp markdown from the nearly Rs 20,000 crore valuation the company had targeted when it filed for a public listing, an IPO for which it received SEBI approval six months ago.

The deal includes Rs 357 crore in primary capital and a Rs 125 crore secondary sale by the promoters. Milky Mist, which sells paneer, cheese, yoghurt, ghee, and ice cream but no liquid milk, posted revenue of Rs 2,349 crore in FY25, up 29% year-on-year, with profit growing roughly 2.4 times to Rs 46 crore.

Blue Tokai adds Rs 175 crore to its Series D

Speciality coffee chain Blue Tokai Coffee Roasters is raising Rs 175 crore in an extension of its Series D, led by Anicut Capital with participation from A91 Emerging Fund, Verlinvest, and 12 Flags, among others. The round pegs the company’s valuation at around $235 million. Blue Tokai has now raised over $130 million in total, Entracker reported.

The chain runs more than 175 cafes in India and has flagged expansion plans for Dubai and Japan. In FY25, revenue rose 50% to Rs 325 crore while losses came down by about 21% to Rs 50 crore.

Fireside leads series A in ethnic wear brand Kisah

Kolkata-based men’s and kids’ ethnic wear brand Kisah has raised Rs 35.9 crore in a Series A round led by Fireside Ventures, as per Entracker. The round values the company at around Rs 211 crore, roughly 70% higher than its previous round, where it brought in Rs 13 crore from angels, including Wow! Momo co-founder Sagar Daryani.

Founded in 2018 by Yash Sarawagi and Yashwi Ladasaria, Kisah targets Gen Z and millennial shoppers and is moving from a marketplace-first model toward omnichannel retail. Revenue grew 65% to Rs 41.8 crore in FY25.

AI chip startup Tsavorite gets $5 million from Pavestone

Tsavorite, which is building an AI compute platform it calls the Omni Processing Unit, has raised $5 million from Hyderabad-based Pavestone, as per Tracxn data. The OPU integrates CPU, GPU, memory, and connectivity into a single device, targeting the energy inefficiency and data movement bottlenecks common in large AI deployments. The company claims $100 million in pre-orders. Funds will go toward product development and early customer acquisition.

Aurm raises Rs 42 crore to scale automated locker network

Mumbai-based Aurm, which installs automated safe deposit lockers inside gated communities and corporate campuses, has raised Rs 42 crore in a seed round co-led by Earth Fund and Sattva Ventures, as per Entracker. Founded in 2023, the startup positions itself as a tech-led alternative to bank lockers, which remain scarce in India. The capital will be used to scale deployments and strengthen its vaulting infrastructure.

HealthFab closes Rs 20 crore Series A

Period care startup HealthFab has raised Rs 20 crore in a Series A led by Atomic Capital, as per Entracker. The company, known for its reusable period underwear brand GoPadFree, plans to use the funds to expand its product range, grow its quick commerce presence, and increase manufacturing capacity. Founded in 2019, HealthFab says it has grown three times year-on-year and serves over five lakh users, with a target of five million over the next three years.

Banza closes $1 million pre-seed for personal AI platform

Bengaluru-based Banza has raised $1 million in a pre-seed round led by Campus Fund to build what it describes as a personal AI twin, which is a system that learns from a user’s behaviour to offer recommendations across everyday decisions, as per Entracker. Founded earlier this year by Mehdi A, Suraj Mulla, and Aditya Vijayakumar, the startup will use the capital for product development and team building.

Conclusion

According to data from Tracxn, India is now home to over 674,792 startups, making it the third-largest startup hub in the world.

As per Tracxn data, around 34,000 companies have collectively attracted $631 billion in venture capital and private equity. The country counts 89 unicorns among its ranks, while 121,387 investors have participated across 50,124 funding rounds, with 2,994 startups securing early-stage capital and 870 raising late-stage funding.