Series E Funding Round Nets Country Delight $20 Million
- ByStartupStory | January 8, 2024
Country Delight, a dairy brand, secured $20 million (approximately Rs 164.4 crore) in a Series E funding round, marking a return to funding after more than 20 months.
“The issuance of 78,157 Series E CCPS at Rs 21,045 each signifies our successful raise,” as revealed in the company’s RoC filings.
Temasek spearheaded the round, contributing Rs 78.16 crore, while Seviora Capital, a new investor, infused Rs 57.77 crore. Venturi Partners, an existing investor, also participated with Rs 28.55 crore in this Series E financing.
“Temasek and Seviora Capital’s contributions led our Series E round, demonstrating their confidence in our growth.”
Post-allotment, estimates from Fintrackr peg the company’s valuation at around $819 million, indicating the potential for additional funding and subsequent valuation adjustments.
“Our current valuation, post-allotment, is estimated at $819 million, but further rounds may impact our valuation.”
Founded by Chakradhar Gade and Nitin Kaushal, Country Delight offers a diverse range of dairy products, baked goods, poultry, and farm produce sourced directly from farms. Its clientele spans 15 cities, including Delhi (NCR), Mumbai, Bengaluru, Jaipur, Chennai, and Pune.
“Our commitment to sourcing directly from farms ensures quality products for our customers across 15 major cities.”
Having raised $300 million across various rounds, including a $108 million Series D led by Venturi Partners and Temasek, the 13-year-old company continues its growth trajectory.
“We’ve amassed $300 million in funding, notably through our Series D round led by Venturi Partners and Temasek.”
While FY23 figures are pending, Country Delight’s revenue surged by 69.2% to Rs 543 crore in FY22. However, the company also faced an over sixfold increase in losses during FY22, rising to Rs 186 crore from Rs 28 crore in FY21.
“Our FY22 results saw a substantial revenue increase to Rs 543 crore, but we also experienced heightened losses during this period.”
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