SUMMARY
- Country Delight secures ₹200 Cr in debt from Alteria Capital for expansion and marketing efforts.
- The brand serves 1.5M customers through a subscription model across 15 locations.
- Competitor Mother Dairy plans ₹650 Cr investment to enhance milk and produce processing capabilities.
D2C food essential brand Country Delight has bagged ₹200 crore in debt from venture debt fund Alteria Capital. The firm will use the fresh funds in order to expand, build capacity and for marketing purposes.
According to a press release from Alteria Capital, this is the biggest domestic venture debt deal to date.
Vinod Murali, Co-founder and Managing Partner, Alteria Capital stated, “As the business expands, it is necessary to invest in capacity building across different pockets to improve efficiency in the business. In this context, debt is ideally suited to meet these expansion requirements”.
Co-founder and CEO Chakradhar Gade said, “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”.
In 2013, Chakradhar Gade and Nitin Kaushal founded the business in an effort to address the challenges of finding premium milk, particularly in cities. Mother Dairy, its rival, has also expressed optimism about its growth ambitions. It intends to invest Rs 650 crore to establish two new plants that will process milk in addition to fruits and vegetables.
This comes after Country Delight received $20 million in January of this year from its current investors, Venturi Partners and Temasek, Singapore’s sovereign fund. The company was valued at $820 million in this round.
Using a daily subscription approach, Country Delight offers fresh items and culinary necessities. In 15 locations, it provides services to around 1.5 million consumers.
