Dairy Tech Startup Country Delight Projects Strong Revenue and Aims for Profitability

Preeti Bali / 1:52 pm / March 1, 2024

Delhi NCR-based Country Delight, a prominent player in the dairy tech space, has reportedly achieved a revenue of INR 650 Crore in the first half of the current financial year (FY24). The company anticipates continuing this growth trajectory and reaching an EBITDA breakeven by the end of H1 2025. While awaiting official confirmation as the audited FY23 financial statements are yet to be filed, the company reportedly witnessed a 66% increase in operating revenue for FY23, reaching around INR 900 Crore compared to INR 542.6 Crore in FY22.

Financial Performance and Growth Strategy:

Despite positive revenue growth, Country Delight’s net profit or loss figure for FY23 remains unclear. Notably, the company’s net loss surged over 6.5 times in FY22, reaching INR 186.4 Crore compared to INR 28.2 Crore in the previous year. However, co-founder Chakradhar Gade had previously expressed confidence in achieving profitability within the next 8-10 months. Additionally, the company reportedly boasts cash reserves of around INR 400 Crore as of Q2 FY24.

Market Presence and Expansion Plans:

Founded in 2013, Country Delight operates on a subscription-based model, sourcing milk directly from farmers and delivering it to customers’ doorsteps. Beyond milk, they offer a variety of products, including bread, ghee, other dairy items, fruits, and vegetables. Gade has also hinted at future expansion plans, including the introduction of kitchen products like wheat, batters, jams, and cooking oils.

Competitive Landscape:

Country Delight navigates a competitive market, facing established players like Mother Dairy, Nandini, and Amul, alongside other emerging rivals such as Milk Mantra and Reliance-owned Milk Basket. Their success hinges on their ability to maintain strong revenue growth, achieve profitability, and continuously expand their product offerings while competing effectively in the dynamic dairy and grocery delivery landscape.

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