Country Delight, the Gurugram-based dairy brand, has raised Rs 76 crore (approximately $9 million) through a combination of debt and equity from Alteria Capital. This marks the company’s second funding round this year.
According to regulatory filings accessed from the RoC, Country Delight’s board passed a special resolution to issue 70,000 debentures at an issue price of Rs 1,00,000 each, along with 3,160 Series E1 CCPS at an issue price of Rs 21,045 each, raising a total of Rs 76.65 crore.
In January, Country Delight secured $20 million in its Series E round from investors such as Temasek, Seviora Capital, Venturi Partners, and others. With a valuation of approximately $820 million in the last equity round, the company is on track to achieve unicorn status. Since its inception, Country Delight has raised approximately $175 million.
Founded by Chakradhar Gade and Nitin Kaushal, Country Delight offers a wide range of dairy products, bakery goods, poultry, and farm produce sourced directly from dairy farms. It serves customers in 15 cities, including Delhi (NCR), Mumbai, Bengaluru, Jaipur, Chennai, and Pune.
According to data from TheKredible, Orios Venture Partners holds the largest stake in Country Delight at 21.35%, followed by Matrix and Elevation with stakes of 16.59% and 9.38%, respectively.
In February, Orios Venture Partners partially exited from Country Delight by selling a 3% stake for approximately Rs 225 crore to Seviora, a Temasek-backed asset management group.
Media reports indicate that Country Delight’s operating revenue reached Rs 650 crore in the first half of the current financial year (FY24). Although the official numbers for FY23 are yet to be released, its revenue was estimated at around Rs 900 crore, up from Rs 542.6 crore in FY22.
In a related development, Country Delight’s competitor Akshayakalpa Organic raised $12 million in its Series C round led by A91 Partners in January. The firm is reportedly in discussions to secure a larger funding round amounting to $25 million.
Source: Entrackr
