Country Delight Secures Rs 76 Crore Funding to Fuel Growth

Country Delight, a prominent dairy brand based in Gurugram, has secured fresh funding of Rs 76 crore ($9 million) through a combination of debt and equity from Alteria Capital. This marks the second funding round for the company in 2024, signifying its continuous growth trajectory.

The company issued a special resolution to raise Rs 76.65 crore, according to regulatory filings accessed from the Registrar of Companies (RoC). This included issuing 70,000 debentures at Rs 1 lakh each and 3,160 Series E1 Compulsorily Convertible Preference Shares (CCPS) at Rs 21,045 each.

Building on Previous Success

In January 2024, Country Delight secured $20 million in its Series E funding round, with participation from investors like Temasek, Seviora Capital, and Venturi Partners. This previous round propelled the company’s valuation to around $820 million, bringing it closer to achieving unicorn status. Country Delight has garnered a total of $175 million in funding to date.

Diverse Product Portfolio and Strong Market Presence

Founded by Chakradhar Gade and Nitin Kaushal, Country Delight offers a comprehensive range of products, encompassing dairy goods, bakery items, poultry, and farm produce. The company sources its products directly from dairy farms, ensuring quality and freshness. Country Delight caters to a wide customer base in 15 major Indian cities, including Delhi (NCR), Mumbai, Bengaluru, Jaipur, Chennai, and Pune.

Shifting Investment Landscape

Startup data platform TheKredible revealed that Orios Venture Partners previously held the largest stake (21.35%) in Country Delight. Other significant investors included Matrix Partners (16.59%) and Elevation Capital (9.38%). In February 2024, Orios partially exited their investment by selling a 3% stake for approximately Rs 225 crore. This stake was acquired by Seviora, an asset management group backed by Temasek.

Financial Performance and Competitive Landscape

Media reports indicate that Country Delight’s operating revenue for the first half of the ongoing financial year (FY24) reached Rs 650 crore. The company’s revenue for FY23 is estimated to be around Rs 900 crore, demonstrating significant growth compared to Rs 542.6 crore in FY22. Official FY23 figures are yet to be reported by the company.

It’s important to note that Country Delight faces competition from other players in the market. In January 2024, its competitor Akshayakalpa Organic secured $12 million in its Series C round, led by A91 Partners. Akshayakalpa Organic is reportedly in discussions to secure a larger funding round of $25 million.