Country Delight, a direct-to-consumer (D2C) food essentials brand, has secured $108 million investment. The funding round was led by Singaporean private equity Temasek and Venturi partners along with SWC global and Trifecta Capital. The existing investors who particopated include IIFL Asset Management, Elevation Capital, Orios Venture Partners and Matrix Partners.
The latest funding takes the total capital to $147 million. The valuation calculated amounts to staggering $615 million.
With the latest investment, the firm intends to launch more products within the existing category while expand the hiring process to serve the growing clientele better.
“Country Delight is now looking at becoming a leading natural food essentials business where we are looking to widen our product portfolio to cover all the food essentials kitchen needs on a daily basis,” Chakradhar Gade, co-founder, Country Delight, told VCCircle.
He also added that some of the new categories that they are looking to enter are pulses, grains, spices, oils, pickles and basic snacking items.
Country Delight was founded in 2013 by IIM Indore batchmates Gade and Nitin Kaushal to deliver fresh food essentials offering milk and dairy products to the doorstep of consumers. The start-up utilises a tech-first approach to solve supply chain and distribution problems.
In the last 3 years including the pandemic period, Country Delight claims to have grown 10 times in scale and has served over 1.5 million customers present in 15 cities across 11 states in India.
“Country Delight is solving a very real problem at scale. Quality consciousness in India is on the rise. The brand’s focus on offering farm-to-doorstep daily pantry essentials that are fresh and of the highest quality has resulted in immensely positive customer feedback and strong loyalty,” said Rishika Chandan, executive managing director, Venturi Partners.
She also added that they have been very impressed by their product-first approach, vertically integrated business model and ability to expand across categories and looking forward to kick-start their association to accelerate growth.
Source : People matters 26th May 2022