In a significant move, Gurugram-based dairy brand Country Delight has successfully raised $20 million (approximately Rs 164.4 crore) in its latest Series E funding round, attracting support from a mix of new and existing investors. This funding injection marks a pivotal moment for the company, as it comes after a hiatus of more than 20 months since its last fundraising endeavour.
Country Delight’s regulatory filings with the Registrar of Companies (RoC) reveal that the company’s board has greenlit a special resolution to issue 78,157 Series E Compulsorily Convertible Preference Shares (CCPS) at an issue price of Rs 21,045 each, culminating in the substantial capital infusion.
Leading the investment charge is Temasek, who contributed Rs 78.16 crore to the Series E round. Joining the funding spectacle is new investor Seviora Capital, injecting Rs 57.77 crore into the startup. Meanwhile, existing supporter Venturi Partners reaffirmed its confidence in Country Delight by participating with an additional Rs 28.55 crore.
Founded by Chakradhar Gade and Nitin Kaushal, Country Delight has carved a niche by providing a diverse range of high-quality dairy products, bakery goods, poultry, and farm produce directly sourced from trusted farms. Currently serving customers in 15 cities, including Delhi (NCR), Mumbai, Bengaluru, Jaipur, Chennai, and Pune, the company has a loyal customer base.
The Series E funding brings Country Delight’s total capital raised to an impressive $300 million across various rounds, with its Series D round being a noteworthy milestone, securing $108 million and led by Venturi Partners and Temasek, backed by Nicholas Cator.
While the company is yet to officially disclose its financial performance for the fiscal year 2023, its revenue from operations witnessed robust growth, surging by 69.2% to reach Rs 543 crore in the fiscal year 2022. Despite this impressive top-line growth, the 13-year-old company reported a significant increase in losses during the same period, with losses skyrocketing over sixfold to Rs 186 crore, compared to Rs 28 crore in the preceding fiscal year 2021.
As Country Delight continues to navigate the competitive landscape of the dairy industry, this latest funding round positions the company for strategic expansion and further solidifies its standing in the market, ensuring a delectable journey ahead.
