Country Delight raises $20 million from Temasek, others
Gurugram-based dairy brand, Country Delight has raised around Rs 165 crore (around $20 million) from existing investors like Temasek, and new investors like Seviora Capital, regulatory filings showed.
Country Delight’s board passed a special resolution to issue 78,157 Series E compulsory convertible preference shares (CCPS) at a price of Rs 21,045 each to raise a total of about Rs 165 crore. While existing investors like Singapore’s Temasek, which led the round, pumped in Rs 78 crore, Venturi Partners put in Rs 29 crore. The remaining amount, Rs 58 crore, came from Seviora Capital which is a new investor in the company.
Seviora is an Asia-centric investor based in Singapore.
While the company did not reveal its valuation, Country Delight was now valued at around $750 million, as per reports. During its last fundraise in May 2022, the company was valued at around $615 million. The round in May was the company’s largest ever where it raised $108 million from Venturi Partners and Temasek.
Venturi, a consumer brands focused investor, backs Livspace and others.
Founded in 2013 by Chakradhar Gade and Nitin Kaushal, Country Delight runs a full-stack subscription model. It has cow farms and it also pasteurises, tests and delivers milk, eliminating the middleman.
Country Delight said it has massive room to grow even further as over 60 percent of the fresh foods market is unorganised with limited cold storage capabilities, adding that it is betting on India’s fresh food and staples market, which is expected to cross $50 billion by 2025.
The unorganised foods market also has a fragmented logistics chain and inadequate visibility of product quality across the supply chain, which Country Delight aims to address and solve, it said.
The company offers dairy essentials, fruits and vegetables at the doorstep of consumers. It claims to deliver fresh groceries in 24-36 hours, directly from farms, as it leverages its fully integrated just-in-time supply chain model.