Country Delight raises $20 Million from E funding round

Country Delight, a Gurugram-based dairy brand, has successfully raised $20 million (Rs 164.4 crore) in a Series E funding round. The funding round saw participation from both new and existing investors. Temasek led the round with a contribution of Rs 78.16 crore, Seviora Capital, a new investor, invested Rs 57.77 crore, and existing investor Venturi Partners joined in with Rs 28.55 crore.

The startup's board passed a special resolution to issue 78,157 Series E Compulsorily Convertible Preference Shares (CCPS) at an issue price of Rs 21,045 each. This development comes as the fourth company to file for an IPO in recent times, following Ola Electric, Firstcry, and Mobikwik.

Founded by Chakradhar Gade and Nitin Kaushal, Country Delight specializes in providing a variety of dairy products, bakery goods, poultry, and farm produce. The company currently serves customers in 15 cities, including Delhi (NCR), Mumbai, Bengaluru, Jaipur, Chennai, and Pune. In the competitive landscape, Country Delight faces competition from both traditional players like Mother Dairy, Amul, Nandini, and emerging startups such as Milk Basket and Milk Mantra.

According to Entrackr, Country Delight has raised a total of $300 million across various funding rounds, including its Series D round of $108 million led by Venturi Partners and Temasek. While official figures for FY23 are yet to be reported, the company experienced a 69.2% growth in revenue from operations, reaching Rs 543 crore in FY22. However, during the same period, the company's losses increased over sixfold, rising from Rs 28 crore in FY21 to Rs 186 crore in FY22. The 13-year-old company continues to expand its presence in the market and attract funding to support its growth.