India-based dairy company Parag Milk Foods has raised INR600 million (approximately US$9 million) in a pre-initial public offering (IPO) financing round from existing investor IDFC Alternatives, an India-focused private equity firm. IDFC subscribed to 60 million convertible debentures at INR10 (approximately US$0.14) apiece. The transaction, which was structured through IDFC’s S.P.I.C.E. Fund, is subject to a one year lock-up period.