Direct to consumer or D2C dairy brand Country Delight is raising Rs 163 crore in a Series C round led by Elevation Capital (previously SAIF Partners). Existing backers Matrix Partners, Orios Venture along with IIFL PE Fund have also participated in this round.
The fresh proceeds in Country Delight have come at a time when subscription commerce companies (aka milktech) either have perished or are struggling to find new backers. Despite sound unit economics and stickiness, Milkbasket has been unable to score a new round.
With the Series C round, Country Delight has raised over Rs 231 crore in total capital. Unlike subscription commerce platforms, it’s a full stack model (farm to table) and has no intermediaries. The company sources milk and eggs directly through farmers and processes several products such as paneer, curd, ghee, bread et al. It claims to have over five dozen stringent tests for impurities and toxins.
While D2C dairy and daily essentials space is in nascent stage in India and Country Delight seems to be the only scaled player, Gurugram-based company faces some competition from publicly traded company Parag Foods that ventured into farm to table space in a few cities in Maharashtra.