Dairy products and grocery company Country Delight has raised Rs 70 crore or $8.45 million debt funding from Alteria Capital.
The company board issued 7000 non-convertible debentures at an issue price of Rs 1,00,000 apiece as per its filing with the Registrar of Companies (RoC).
Earlier in May, the Gurugram-based company had raised Rs 76 crore through debt and equity from the same investor while in February, it witnessed a secondary transaction as Orios Ventures made a partial exit by selling 3% of its stake in the company to Temasek for Rs 225 crore or $27 million. The early-stage VC firm’s recent numerous exits also include BatterySmart where it made significant returns on its investment.
Country Delight was founded by Chakradhar Gade and Nitin Kaushal in 2013. Its dairy products and grocery services include milk products & their delivery, fruits & vegetables on a subscription basis. The company directly connects with farmers for procurement without any middlemen. Delhi-NCR, Mumbai, Bengaluru, and Chennai are its major operations locations.
In January, the dairy essentials provider bagged $20 million in a Series E funding round at a valuation of $820 million. Akshaypatra, one of its contenders, raised $12 million in January as part of a larger round, while Sid’s Farm- another competitor, raised $10 million in Series A in June. Country Delight also competes with Otipy that closed $10 million round from both new and existing investors last month.
While the Gade-led company is yet to file its FY23 and FY24 financial reports, its revenue for the former is estimated at Rs 900 crore which is expected to widen in the latter. In H1 FY24, its operating revenue was Rs 650 crore as per reports.
Source: Entrackr
