The dairy company Country Delight has raised $9 million from Alteria Capital in debt and equity totalling Rs 76 crore. For the Gurugram-based business, this is its second round of funding for the year.
According to the company’s regulatory filing obtained from RoC, the board of Country Delight has approved a special resolution to issue 70,000 debentures at an issue price of Rs 1,00,000 each and 3,160 Series E1 CCPS at an issue price of Rs 21,045 each in order to raise Rs 76.65 crore.
Temasek, Seviora Capital, Venturi Partners, and other investors contributed $20 million to Country Delight’s series E round in January. With a recent equity round valuation of about $820 million, the company is on the verge of becoming a unicorn. As of right now, it has raised about $175 million.
Established by Chakradhar Gade and Nitin Kaushal, Country Delight offers its clientele a selection of dairy products, baked goods, poultry, and farm produce. Delhi (NCR), Mumbai, Bengaluru, Jaipur, Chennai, Pune, and other fifteen cities are among the places where the company sources its products directly from dairy farms.
According to the media, Elevation and Matrix, with their respective stakes of 16.59% and 9.38%, trailed Orios Venture Partners as the largest shareholder in Country Delight, with a 21.35% stake.
Orios Venture Partners sold a 3% stake in Country Delight for approximately Rs 225 crore in February, marking a partial exit from the company. The asset management firm Seviora, backed by Temasek, purchased the portion that Orios owned.
In the first half of the current financial year (FY24), Country Delight’s operating revenue was reported by the media to be Rs 650 crore. Compared to Rs 542.6 crore in FY22, its revenue for FY23 was estimated to be around Rs 900 crore. The company has not yet released official FY23 financial data.
Competitor Akshayakalpa Organic, led by A91 Partners, raised $12 million in January during its Series C round. The company is negotiating to close a $25 million larger round.
