Country Delight Eyes $300M IPO as Growth Accelerates

Country Delight is preparing for a potential initial public offering (IPO) that could raise US$200 million–US$300 million, marking a significant step in the growth of the subscription-based dairy and fresh-produce delivery company. Its parent, Beejapuri Dairy Pvt. Ltd., is expected to begin informal discussions with investment banks to identify potential lead managers for the proposed issue.

The proposed IPO is expected to comprise a combination of fresh equity issuance and an offer for sale (OFS) by existing institutional investors. However, the final issue size, structure and timing have not been decided and will depend on board approval and prevailing equity-market conditions.

Country Delight is also evaluating a pre-IPO funding round, which could provide a valuation benchmark before the company files its Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI). The potential listing comes as investors increasingly assess consumer and technology businesses not only on revenue growth, but also on unit economics, profitability prospects, operational efficiency and sustainable customer-acquisition costs. (

Founded in 2015 by Chakradhar Gade and Nitin Kaushal, both graduates of IIM Indore, Country Delight operates a direct-to-consumer supply chain for perishable food products. The company sources milk and other dairy products from farmers and processing facilities and delivers them directly to households through its integrated distribution network.

Its portfolio has expanded beyond traditional milk subscriptions to include fruits, vegetables, eggs, pulses and other fresh products, helping the company increase its share of customers’ household grocery spending and reduce dependence on a single category. Country Delight has also experimented with quick commerce, piloting 10–15-minute deliveries in Gurugram in late 2024.

The company reported US$142.6 million in revenue in FY24, representing a 46% increase over the previous year. The growth was attributed to subscriber expansion and higher sales from non-dairy categories, which have become an increasingly important part of the business.

Country Delight has continued to raise capital ahead of its potential listing. It raised approximately ₹200 crore in equity from Temasek in March 2025 and secured ₹65 crore in debt from Alteria Capital in May 2026 for general corporate purposes; reports also indicate that the company had attracted about US$276 million from investors between March 2017 and May 2026. (DairyNews)

For India’s dairy industry, the proposed IPO is significant because Country Delight’s growth story is built around subscription-led demand, direct distribution and diversification beyond milk. If the company proceeds with the listing, public-market investors will be watching whether its consumer growth can translate into sustainable profitability and scalable operating economics.

Source: Dairynews7x7 04 Sep, 2026 Read full story here

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