New Delhi, Aug. 25 -- Singapore-based growth-stage investment firm Panthera Growth Partners is in advanced discussions to pick up a minority stake in an Indian organic milk brand, at least two people familiar with the development told VCCircle.
Panthera Growth, which invests in technology-enabled businesses across India and Southeast Asia, is in talks to invest around $20-25 million (Rs 190-238 crore) in Pune-based Provilac Dairy, the people said.
Email queries sent to Panthera and Provilac remained unanswered till the time of publishing this article.
Founded in 2013 by Siddharth Renewal, Provilac offers high-protein milk, coffee, ghee, curd and paneer, among other products. It follows a subscription-led, cold-chain delivery model, which ensures the freshness of products. The brand currently operates across major urban markets, including Mumbai, Pune, Delhi-NCR, Jaipur, and Hyderabad. In 2025, Provilac claims to have processed over 5.4 million deliveries.
Meanwhile, Panthera's portfolio includes skincare brand FoxTale, B2B commerce platform OfBusiness, lingerie retailer Zivame, travel technology company Travelstack, electric bicycle maker EMotorad, and workplace design startup Flipspaces.
Earlier this year, Panthera invested around $30 million in Delhi-based artificial intelligence and cybersecurity company Innefu Labs through a mix of primary and secondary transactions.
The investor had also planned to launch a new fund in 2025 with a target corpus of $250-300 million. However, the fund's status couldn't be immediately ascertained.
Panthera announced the first close of its second fund in 2022 after securing more than half of its targeted $250 million corpus. Its maiden fund had raised $84 million.
A handful of dairy startups have raised funding in recent months. In July, direct-to-consumer dairy brand Sid's Farm raised over $8.4 million from Mumbai-based Omnivore, Narotam Sekhsaria Family Office, Dodla Dairy, Next Bharat Ventures and other investors.
Prior to that, Doodhvale Farms, a direct-to-consumer dairy and daily essentials brand, raised $1 million from its existing lead investor Atomic Capital Fund I.
Some of the more heavily funded startups in the broader dairy space include Country Delight and Milky Mist, which also recently went public.
The Indian organic milk market was valued at Rs 1,609 crore in 2025 and is likely to reach Rs 11,471 crore by 2034, exhibiting a CAGR of 23.65% between 2026 and 2034, as per a report by market research and consulting firm IMARC Group.
The growing focus on health and nutrition has supported demand for organic milk and other dairy products. According to IMARC, organic milk is free from antibiotics and certain chemicals and contains higher levels of nutrients such as omega-3 fatty acids and antioxidants than conventional milk.
Rising health awareness, economic growth, and increasing disposable incomes are also driving consumer adoption of organic dairy products, the report said.
Published by HT Digital Content Services with permission from VC Circle.