Dairy brand: Country Delight raises $65 Mn in Series D round via Venturi Partners, IIFL and others
- ByStartupStory | March 26, 2022
Country Delight, a dairy brand, has raised Rs 498 crore or around $65 million in its Series D round from new and existing investors including Venturi Partners, Trifecta Capital, IIFL, and Elevation Capital. In November 2020, the company had raised $25 million in its Series C round.
At an issue price of Rs 15,250 per share to raise Rs 498 crore, regulatory filings show, Country Delight has approved the allotment of 326376 series D preference shares. Lead investor Venturi Partners has put in Rs 188.6 crore followed by IIFL, Orios Fund, Trifecta, Elevation, and Matrix Partners with Rs 109.73 crore, Rs 44.58 crore, Rs 85.73 crore. Rs 68.58 crore, and Rs 0.5 crore investment respectively.
According to the estimate, at a post-money valuation of Rs 4410 crore or $580 million the new round has been raised by the company. During the Series C round, this is more than a three-fold jump in its valuation from $170 million. The company was reportedly in talks to raise at around $500 million valuation in a larger round.
Chakradhar Gade and Nitin Kaushal– collective holding has been diluted to 20.93%, following the fresh allotment of shares, promoters.
Country Delight was founded in 2011 and it delivers food essentials like milk, ghee, bread, and paneer to customer doorsteps. The company sources its products directly from dairy farms and caters to customers in 10-12 cities in Delhi-NCR, Jaipur, Chennai, Mumbai, Bengaluru, and Pune. Its product portfolio with fruits & vegetables has also been expanded by the company and has planned to add more in the future.
Country Delight has few competitors, in the D2C dairy and daily essentials delivery space.
A surge in its operating revenue for the fiscal year ending on March 31, 2021 has also been seen by Country Delight. The company’s operating revenue jumped 83.4% from Rs 175 crore in FY20 to Rs 321 crore in FY21, according to its regulatory filings. Its total expenditure increased by nearly 44% to Rs 354 crore, during the period. However, it managed to control its losses to Rs 28.3 crore in FY21 from Rs 68.5 crore in FY20.
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