Dairy brand Country Delight has raised $108 million in a Series D funding round led by Nicholas Cator-backed Venturi Partners and Temasek. The round also saw participation from SWC Global and Trifecta Capital along with IIFL Asset Management, Elevation Capital, Orios Venture Partners, and Matrix Partners.
The Gurugram-based company had raised $65 million in the first tranche of this round in March. Entrackr was the first to report about the development.
The company had raised $25 million in its Series C round in November 2020 and has scooped up $147 million since its inception in 2011. With this, the company’s valuation soared to $615 million.
Founded by Chakradhar Gade and Nitin Kaushal, Country Delight provides a range of dairy products, bakery goods, poultry and farm produce to its customers. The company sources its products directly from dairy farms and caters to customers in 15 cities including Delhi (NCR), Mumbai, Bengaluru, Jaipur, Chennai and Pune.
The company has also expanded its product portfolio with fruits & vegetables and may foray into poultry and meat products. In its core dairy business, Country Delight competes with Milkmantra, Parag Dairy and Akshayakalpa whereas D2C bakery brands and platforms like Otipy are its competition in non-core segments.
Despite the pandemic, Country Delight had managed impressive growth in scale during the fiscal year ending March 2021. According to its annual financial statement with the Registrar of Companies (RoC), the company’s operating revenue surged 83.4% to Rs 321 crore in FY21 from Rs 175 crore in FY20. Importantly, Country Delight narrowed its losses from Rs 68.5 crore in FY20 to Rs 28.3 crore in FY21.
As per Fintrackr’s analysis, around 78.5% of the operating revenue is generated from the sale of fresh milk during FY21 as compared to over 91.1% during FY20. The contribution of dairy products in its topline is likely to come down in FY22 and FY23 as Country Delight had introduced several new verticals like bakery and fresh farm produce.
According to the company, it has grown 50% in revenue over the past six months and currently, it’s clocking revenue of almost $120 million or Rs 900 crore.