October 31, 2024: Country Delight has raised Rs. 200Cr debt funding from Alteria Capital to drive its next phase of growth plans in its direct-to-consumer (D2C) food essential brand marketing initiatives and augment its capacity.
This is touted to be the biggest domestic venture debt transaction to date, Alteria Capital said in a press statement. “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,” noted Vinod Murali, Co-founder and Managing Partner, Alteria Capital.
This fund raising follows after Country Delight secured $20 million in funding from existing investors Singapore’s sovereign fund Temasek and Venturi Partners in January this year. This round valued the company at $820 million.
Country Delight provides food essentials and fresh products under a daily subscription model. It serves nearly 1.5 million users across 15 cities.
Country Delight bullish about growth expectations
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.”
The fresh food essentials and fresh products startup founded by Gade, and Nitin Kaushal, in 2013 aimed at providing solutions to challenged that comes with sourcing high-quality milk, especially in urban areas.
Its peer Mother Dairy has also been bullish on its expansion plans, as it plans to invest Rs 650 crore to set up two new plants for processing milk as well as fruits and vegetables.
Country Delight promises natural, fresh and unadulterated milk directly to the doorstep of the consumer. Consumer ordering and servicing happens through a first-of-its-kind mobile application that completely takes away the hassle of managing ones milk requirements.
