Global private equity firm Bain Capital is leading discussions to acquire a controlling stake in Cello World from its promoters, who currently own 75% of the listed consumerware company, according to two people familiar with the matter.
"Kotak's investment banking arm is advising the promoters on the transaction and the deal is pegged at over ₹3,000 crore," one of the people cited above said. Other private equity funds have also evaluated the asset as the deal went through several rounds of on-and-off negotiations, a second person added.
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 development comes months after interest first emerged in the company. In March, CNBC-TV18 reported that Cello World had held preliminary sale discussions with funds including Kedaara Capital, Blackstone, Temasek, Advent International and Amundi's private equity arm.
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.
Household brand
Founded in the early 1960s by Ghisulal Rathod, Cello World was built with the aim of creating a household brand offering aesthetically and functionally superior products.
The company is currently led by his son, Pradeep Rathod, chairman and managing director, along with joint managing directors Pankaj Rathod and Gaurav Rathod.
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.
Over the years, the company has diversified its portfolio to cater to evolving consumer needs. Its product range includes kitchen appliances, lunch boxes, casseroles, storage containers, cookware, dinner sets, premium porcelain tableware, hydration products, flasks, bottles and cleaning essentials.
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.
The segment has recorded steady growth over the past decade, driven by rising disposable incomes, the growth of nuclear families and increasing demand for organised and functional kitchen spaces.
Changing lifestyles, higher workforce participation among women and rising product ownership per individual are further supporting the market's expansion. Consumers are increasingly seeking products that combine style with functionality, benefiting branded players and organised retail.