Country Delight raises $20 Mn in Series E round

Dairy brand Country Delight has raised $20 million or Rs 164.4 crore in a series E round from new and existing investors. The funding for the Gurugram-based startup has come after a gap of more than 20 months.

The board at Country Delight has passed a special resolution to issue 78,157 Series E CCPS at an issue price of Rs 21,045 each to raise the aforementioned sum, its regulatory filings sourced from the Registrar of Companies (RoC) show.

Temasek led the round with Rs 78.16 crore while new investor Seviora Capital pumped in Rs 57.77 crore in its Series E round. Existing investor Venturi Partners also participated with Rs 28.55 during this investment.

According to the Fintrackr’s estimates, the company has been valued at around $819 million post-allotment. The company is likely to raise more money in the new round and its valuation will vary accordingly.

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.

As of now, the company has raised around $150 million across rounds including its Series D round of $108 million led by Nicholas Cator-backed Venturi Partners and Temasek. 

While Country Delight is yet to report FY23 numbers officially, its revenue from operations grew 69.2% to Rs 543 crore in FY22. The 13-year-old company’s losses during the period (FY22) shot up over sixfold to Rs 186 crore as compared to Rs 28 crore in FY21.