Country Delight Secures $9 million Funding from Alteria Capital, Poised for Unicorn Status

In a significant milestone underscoring its rapid growth and market presence, dairy brand Country Delight has successfully raised Rs 76 crore ($9 million) through a strategic combination of debt and equity funding from Alteria Capital. This marks the second round of funding for Country Delight this year, highlighting its robust expansion and strong appeal to investors. The news was first reported by Entrackr.

Details of the Funding Round

According to regulatory filings accessed from the Registrar of Companies (RoC), the board at Country Delight approved a special resolution to issue 70,000 debentures at an issue price of Rs 1,00,000 each. Additionally, they issued 3,160 Series E1 CCPS (Compulsorily Convertible Preference Shares) at an issue price of Rs 21,045 each. This strategic move raised a total of Rs 76.65 crore, further bolstering the company’s financial standing.

Previous Investments and Growth Trajectory

Earlier in January, Country Delight secured $20 million in its Series E round, drawing investments from prominent entities such as Temasek, Seviora Capital, and Venturi Partners, among others. With this latest funding injection, Country Delight is on the cusp of achieving unicorn status, with its valuation nearing $820 million in the most recent equity round. To date, the company has successfully raised approximately $175 million, reflecting strong investor confidence and market potential.

Founders and Product Range

Country Delight, founded by Chakradhar Gade and Nitin Kaushal, offers a diverse range of high-quality products. These include dairy items, bakery goods, poultry, and fresh farm produce, all sourced directly from dairy farms to ensure unparalleled quality and freshness for its customers. The brand has established a strong presence across 15 major cities in India, including Delhi (NCR), Mumbai, Bengaluru, Jaipur, Chennai, and Pune.

Stakeholders and Market Position

According to startup data intelligence platform TheKredible, Orios Venture Partners holds the largest stake in Country Delight at 21.35%. This is followed by Matrix Partners and Elevation Capital, with stakes of 16.59% and 9.38% respectively. In February, Orios Venture Partners partially exited by selling a 3% stake for approximately Rs 225 crore to Temasek-backed Seviora Capital, reflecting ongoing investor interest and confidence in the brand’s trajectory.

Financial Performance and Market Dynamics

Recent financial reports indicate that Country Delight’s operating revenue reached Rs 650 crore in the first half of the current financial year (FY24). This marks a substantial increase compared to the previous fiscal year. In FY23, the company’s revenue was estimated at around Rs 900 crore, a significant jump from Rs 542.6 crore in FY22. While the company has yet to officially report its FY23 numbers, these figures underscore a strong upward trend in its financial performance.

Competitive Landscape

Country Delight faces competition from other firms in the dairy and organic produce market. Notably, Akshayakalpa Organic, which raised $12 million in its Series C round led by A91 Partners in January, is reportedly in talks to close a larger funding round of approximately $25 million. This competitive landscape highlights the growing demand for high-quality, farm-fresh produce among consumers.