Country Delight, a dairy brand and everyday essential, has raised debt from Alteria Capital to the tune of Rs 70 crore ($8.45 million). This represents the investor’s second debt injection into the Gurugram-based company in 2024.
According to Country Delight’s regulatory filing, which can be accessed through the Registrar of Companies (RoC), the board issued 7000 non-convertible debentures (NCDs) at an issue price of Rs 1,00,000 each in order to raise Rs 70 crore ($8.45 million).
Country Delight raised Rs 76 crore ($9 million) from Alteria Capital in May using debt and equity. It had previously received $20 million in January of this year as part of a Series E round. During the equity round, the company was valued at about $820 million.
In February, Orios Venture Partners made a partial exit from the Chakradhar Gade-led company by selling Temasek a 3% stake for approximately Rs 225 crore ($27 million). For the early-stage venture capital firm, which also saw significant returns on its investments in BatterySmart, it was one of the multi-bagger exits.
A dairy and grocery startup called Country Delight provides subscription delivery services for milk, milk products, fruits, and vegetables. The platform interacts with farmers directly, cutting out intermediaries. It operates, among other places, in Bengaluru, Chennai, Mumbai, and Delhi (NCR).
According to reports, during the first half of the most recent fiscal year (FY24), Country Delight’s operating revenue was Rs 650 crore ($78 million). From the estimated revenue of Rs 900 crore ($108 million) in FY23, the company is expected to report a significant increase in revenue in FY24. The company has not yet released official FY23 and FY24 financial data.
Its competitors include Sid’s Farm, Milk Mantra, Otipy, and Akshayakalpa. In June, Sid’s Farm raised $10 million in Series A funding, while Akshayakalpa had already raised $12 million in January as part of a larger round. Ten million dollars from both new and existing investors are being closed by Otipy.
