Gurugram-based dairy brand Country Delight secured approximately Rs 165 crore (around $20 million) in funding. This round saw continued support from existing investors like Temasek and welcomed new investors, including Seviora Capital, according to regulatory filings.
To facilitate this funding, Country Delight’s board approved the issuance of 78,157 Series E compulsory convertible preference shares (CCPS) at a price of Rs 21,045 each, raising a total of about Rs 165 crore. In this round, Temasek, a leading investor, contributed Rs 78 crore, while Venturi Partners added Rs 29 crore. The remaining Rs 58 crore came from Seviora Capital, a new investor joining the company.
Seviora Capital, a Singapore-based investor with a focus on Asia, participated in the funding round.
Although Country Delight did not disclose its current valuation, reports indicate that the company is now valued at approximately $750 million. This marks an increase from its valuation of around $615 million during its previous funding round in May 2022. The May 2022 round was the company’s largest to date, raising $108 million from investors Venturi Partners and Temasek.
Venturi Partners, known for supporting consumer brands such as Livspace, played a significant role in this funding.
Established in 2013 by Chakradhar Gade and Nitin Kaushal, Country Delight operates a comprehensive subscription model. The company manages its cow farms and oversees the entire process, including pasteurization, testing, and delivery of milk, cutting out intermediaries.
Country Delight sees significant growth potential, especially considering that more than 60 per cent of the fresh foods market remains unorganized and has limited cold storage infrastructure. The company is optimistic about India’s fresh food and staples market, projecting it to surpass $50 billion by 2025.
The unorganized food market faces challenges such as a fragmented logistics chain and insufficient visibility of product quality throughout the supply chain. Country Delight aims to tackle and resolve these issues.
The company provides dairy essentials, fruits, and vegetables directly to consumers’ doorsteps. It asserts that it can deliver fresh groceries within 24-36 hours, sourced directly from farms, utilizing its fully integrated just-in-time supply chain model.
