This offer includes a fresh issue of up to Rs 105.00 crore and an offer for sale of 7,055,315 Equity Shares by the selling shareholders, Milklane Holding Pt. Ltd. and Mahyco Private Limited.

Innoterra Limited (formerly known as MilkLane Dairy Services Private Limited), India’s largest B2B milk procurement platform in terms of volume procured as of December 31, 2025, has filed its Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI). The company proposes to utilize the Net Proceeds from the Fresh Issue to fund its strategic growth and operational requirements. Specifically, Rs 10.69 crore is earmarked for capital expenditure to establish new bulk milk collection centres and/or replace bulk milk cooling units at existing centres. Additionally, Rs 54.75 crore will be utilized to meet working capital requirements, while the remainder is intended for unidentified inorganic acquisitions and general corporate purposes.

Innoterra operates as a technology-led, asset-light agri-food platform connecting farmers with enterprise clients across three core segments. Its primary business, raw milk procurement and supply under the MilkLane platform, provides aflatoxin-safe and antibiotic-safe raw milk to institutional customers. The company also offers scientifically formulated cattle nutrition through its ‘MilkLane Aayush’ brand and operates the FarmLink platform for the sourcing and supply of fresh fruits and staples, including its premium ‘Happy Fruits’ and ‘Amaraah’ brands.

The company maintains significant commercial relationships, including an anchor offtake agreement for its raw chilled milk with Milky Mist Dairy Food Limited. Furthermore, it engages in collaborative research with the International Livestock Research Institute to develop biotechnology-enabled livestock feed solutions. As of December 31, 2025, the company operated 122 bulk milk collection centres across Tamil Nadu, Andhra Pradesh, and Karnataka. Its FarmLink segment is supported by distribution centres in Bengaluru, Chandigarh, Lucknow, and Delhi, focusing on quality assurance and shelf-life optimization.

According to the 1Lattice Report, the Indian dairy market is projected to grow at a CAGR of ~10.27 per cent to reach Rs 17.75 T by FY30. The report further highlights that Innoterra Limited recorded the highest net asset turnover ratio (4.99x) and the lowest net working capital days (9 days) among its agritech platform peers for the fiscal year ended March 31, 2025.

InCred Capital Wealth Portfolio Managers Private Limited serves as the sole Book Running Lead Manager to the Issue.