Direct-to-consumer dairy startup Country Delight has raised Rs 200 crore funding (about USD 25 million) in venture debt from Alteria Capital. This investment will support Country Delight’s plans to expand its distribution network, increase capacity, and strengthen its brand marketing efforts.
Impressive Revenue Growth in FY24
Country Delight saw a 46% increase in revenue in FY24, reaching Rs 1,380 crore. This growth is largely driven by a boost in subscribers and rising sales of non-dairy items like fruits, vegetables, eggs, and pulses. The startup’s audited financials are expected to be released soon.
Subscription-Based Dairy Service
Founded in 2015 by Gade and Nitin Kaushal, Country Delight operates a unique daily subscription model for home delivery of fresh dairy products. This includes items like cow and buffalo milk, curd, ghee, paneer, bread, and eggs. With a strong distribution network, Country Delight now serves nearly 1.5 million users across 15 cities in India.
Funding History and Valuation
Country Delight has raised around USD 200 million over 18 funding rounds, positioning its valuation at over USD 800 million. Notable investors include Matrix Partners and Temasek. This recent funding marks Alteria Capital’s third investment in Country Delight this year, following Rs 70 crore in August and Rs 76 crore in May. Additionally, Country Delight secured USD 20 million in a series E round earlier this year, allowing a significant secondary exit for an earlier investor.
Alteria Capital’s Venture Debt Support
Alteria Capital, one of India’s largest venture debt providers, manages a fund of about Rs 4,400 crore and has invested in over 200 startups, such as Rebel Foods, Spinny, and Ola Electric. With this recent investment, Alteria reaffirms its commitment to supporting India’s rapidly growing D2C market.
