Dairy delivery startup raised Series B funding of $108mn from Venturi Partners and Temasek and other venture capitalists at valuation of $615mn

Date of Announcement: Wednesday, 25 May,2022

Investee Startup/ Company: Country Delight (Company name) founded by two IIM Indore graduates - Chakradhar Gade and Nitin Kaushal in 2013 working on delivering fresh food essentials such as milk and other dairy products at doorstep.  Country Delight has gained customers’ confidence with its quality assurance, seamless and quick delivery, great packing and technology oriented approaching in span of time. Company claims to have grown ten folds in size and serving over 15 lakh customers in 15 cities throughout 11 Indian states. Over the last six months, revenue has grown by 0.5x (MoM) and has reported 2.5x year-on-year (YoY) growth.

Funding Size: $108 Million

Round : Series D

Investors Participated: Led by Venturi Partners and Temasek. SWC Global, Trifecta Capital, IIFL Asset Management, Elevation Capital, Orios Venture Partners and Matrix Partners were the other investors who participated in the round with Avendus Capital acting as the financial adviser to the transaction.

Valuation : $615 Million with Resultant Dilution of 17.56%.

Purpose of Funding:

• Increase its portfolio and offerings to cater significant portion of daily kitchen needs like pulses, grains, spices, oils, pickles and basic snacking items,  expanding consumer base.
• Expand its product line within the existing category.
• Geographically expansion to more cities and states and remote parts of the country.

Chakradhar Gade said “We will also be introducing more value-added items in the milk products category"

With the round of funding, Country Delight will be competing directly with Blinkit (formerly Grofers), Fraazo, BigBasket, Swiggy Instamart, Dunzo and Zepto through its tech-oriented approach and its market access through dairy delivery.

 

By Jaskirat Singh.