Country Delight, a rapidly growing dairy and grocery startup, has successfully secured INR 70 crore (USD 8.45 million) in debt funding from Alteria Capital. This marks the second debt infusion from the investor in 2024, highlighting continued confidence in the company’s business model and growth prospects.
According to a regulatory filing with the Registrar of Companies (RoC), the company issued 7,000 non-convertible debentures (NCDs) at INR 1,00,000 each. This latest round of funding follows an earlier raise in May, when Country Delight secured INR 76 crore (USD 9 million) through a combination of debt and equity from Alteria Capital. Additionally, in January, the company closed a USD 20 million Series E funding round, achieving a valuation of approximately USD 820 million.
Founded in 2013 by Chakradhar Gade and Nitin Kaushal, Country Delight has carved a niche in the dairy and grocery sectors with its subscription-based delivery service for milk, milk products, fruits, and vegetables. The platform claims to engage directly with farmers without involving middlemen, ensuring the delivery of fresh, high-quality products to consumers.
Country Delight currently operates in about 15 cities, including Delhi (NCR), Mumbai, Bengaluru, Jaipur, Chennai, and Pune. The company’s unique approach has resonated with urban customers seeking convenience and quality in their daily grocery needs.
In February, Country Delight witnessed a notable secondary transaction when Orios Venture Partners partially exited by selling a 3% stake to Temasek for around INR 225 crore (USD 27 million). This exit marked a significant return for Orios, which has previously invested in other successful ventures like BatterySmart.
With this fresh infusion of capital, Country Delight aims to further enhance its market presence and expand its service offerings. The company remains committed to delivering high-quality dairy and grocery products directly from farm to table, reinforcing its mission of ensuring farm-fresh produce for its customers.