Wednesday, June 19, 2024

Country Delight eyes $9 million funding for expansion

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Country Delight, a dairytech company based in Delhi-NCR, is seeking to raise $9 million (INR 76 crore) through a mix of debt and equity financing, according to media reports.

To secure the funds, Country Delight’s board has approved a special resolution to issue 70,000 Series F2 debentures at an issue price of INR 1 lakh each and 3,160 Series E1 Compulsorily Convertible Cumulative Partly Paid Preference Shares (CCPS) at an issue price of INR 21,045, as per the company’s filings.

In January, the dairytech firm raised approximately $20 million (INR 164 crore) from investors including Temasek and Venturi Partners, reaching a valuation of $820 million. In February, Orios Venture Partners partially exited from Country Delight, securing a 45X return on its investment.

Additionally, the startup’s operating revenue has surged by 66% year-on-year (YoY) to INR 900 crore in the financial year 2022-23 (FY23), up from INR 542.6 crore in FY22. The company reported a revenue of INR 650 crore in the first half of FY24.

Established in 2013 by Chakradhar Gade and Nitin Kaushal, Country Delight operates on a subscription-based model, procuring milk from farmers and delivering it directly to customers’ homes. The company also offers a variety of other products including bread, ghee, various dairy items, as well as fruits and vegetables.

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