Dairy brand Country Delight has successfully raised Rs 76 crore ($9 million) through a mix of debt and equity from Alteria Capital. This marks the second funding round for the Gurugram-based company this year.
The board of Country Delight has approved a special resolution to issue 70,000 debentures at an issue price of Rs 1,00,000 each and 3,160 Series E1 Compulsorily Convertible Preference Shares (CCPS) at an issue price of Rs 21,045 each, raising a total of Rs 76.65 crore, according to a regulatory filing accessed from the Registrar of Companies (RoC).
Earlier in January, Country Delight raised $20 million in its Series E round from investors including Temasek, Seviora Capital, Venturi Partners, and others. The company is on the verge of becoming a unicorn, valued at approximately $820 million in its last equity round. To date, it has raised around $175 million.
Founded by Chakradhar Gade and Nitin Kaushal, Country Delight offers a variety of dairy products, bakery goods, poultry, and farm produce. The company sources its products directly from dairy farms and serves customers in 15 cities, including Delhi NCR, Mumbai, Bengaluru, Jaipur, Chennai, and Pune.
Orios Venture Partners holds the largest stake in Country Delight with 21.35%, followed by Matrix Partners with 16.59% and Elevation Capital with 9.38%. In February, Orios Venture Partners made a partial exit by selling a 3% stake for approximately Rs 225 crore to Temasek-backed asset management group Seviora.
According to media reports, Country Delight’s operating revenue stood at Rs 650 crore in the first half of the current financial year (FY24). In FY23, its revenue was estimated at around Rs 900 crore, up from Rs 542.6 crore in FY22. The firm has yet to officially report its FY23 numbers.
In January, Country Delight’s competitor Akshayakalpa Organic raised $
12 million in its Series C round led by A91 Partners. The firm is currently in discussions to secure a larger round of funding, potentially amounting to $25 million.
Country Delight’s recent funding achievements and rapid revenue growth highlight its strong position in the competitive dairy market. As the company continues to expand and innovate, it is well-positioned to reach unicorn status and further establish itself as a key player in the industry.
