D2C dairy startup Country Delight in talks to raise $100 million
MUMBAI
:
Temasek-backed Country Delight is in early discussions to raise up to $100 million in a mix of primary and secondary transactions, three people familiar with the matter told
Mint
.
'The company has appointed Avendus to help with the process and the fundraiser will close in the next 3-6 months," one of the people cited above said.
'Some of the earlier investors are expected to sell in this round and the company is in talks with new investors to come on board," a second person said, adding that valuation details are not known yet.
To be sure, shareholders sell their stake to other existing or new investors and no new capital is injected into the company in a secondary transaction. Such transactions generally take place at a discount to the primary shares.
Country Delight and Avendus did not immediately respond to
Mint
's requests for a comment.
Last month, Country Delight secured about $25 million in an extended Series E round from Temasek at a valuation of $820 million, according to a report by Entrackr.
According to another Entrackr report, it also ventured into the quick commerce segment by launching a pilot for its 10–15-minute delivery service in Gurugram in December. The company is expected to expand to other cities in the coming months, Entrackr said, citing sources.
In October,
Country Delight raised $25 million from Alteria Capital
to fund its expansion, capacity building, and brand marketing efforts, marking the third infusion from the venture debt provider in 2024.
Back in October, co-founder Chakradhar Gade had said the company was gearing up for its initial public offering (IPO) journey.
'As we scale our operations and prepare for our IPO journey, it is important for us to use various capital sources to improve financial efficiency and also set us up for the next phase of growth," Gade had said.
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Its last sizeable round was in 2022 when it raised $108 million in Series D round at a valuation of $615 million led by investors including Venturi Partners and Singaporean private equity major Temasek, with participation from Asia-focused SWC Global and Trifecta Capital also bringing in fresh investment.
Over the years, the startup has raised about $200 million across 18 rounds and also counts Matrix Partners, IIFL Asset Management, Elevation Capital, and Orios Venture Partners among its investors, as per data from market intelligence provider Tracxn.
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Founded in 2015 by Gade and Nitin Kaushal, Country Delight operates in the milk products and fresh produce category with its own branded offering. The startup currently serves nearly 1.5 million users across 15 cities in India. It operates under a daily subscription model serving its customers fresh cow & buffalo milk, curd, ghee, paneer, bread, and eggs among others.
In FY24, Country Delight posted a revenue of
₹
1380 crore, a 46% increase from a year earlier, according to a report by the ARC. The report added the growth was driven mainly by increase in subscribers and sales of non-dairy products such as fruits, vegetables, eggs, and pulses. It was also powered by high quality produce with ease of engagement and a robust distribution network for predictable home deliveries. It aims to further strengthen its supply chain capabilities and expand across different parts of India.
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