Country Delight Eyeing $9 Mn Funding From Alteria Capital

Delhi-NCR based dairytech startup Country Delight is looking to raise $9 Mn (INR 76 Cr) from Alteria Capital in a mix of debt and equity infusion.

To net the funds, Country Delight’s board has passed a special resolution to issue 70,000 Series F2 debentures at an issue price of INR 1 Lakh each and 3,160 Series E1 Compulsorily Convertible Cumulative Partly Paid Preference Shares (CCPS) at an issue price of INR 21,045, as per the startup’s filings.  

These shares were issued to Alteria Capital Fund II and Alteria Capital Fund III, it added.

The development was first reported by Entrackr

Alteria Capital will largely be investing in the startup through its recently closed third venture debt fund. It closed the fund in March at INR 1,550 Cr (over $190 Mn) and plans to back 100-125 companies by December 2026. 

Besides Country Fresh’s new addition, the VC firm has backed One Card, Renee Cosmetics, Samunnati, Bliss Club, Rebel Foods, Giva, Lead School, Kissht, Captain Fresh, Traya, Bluestone and Ather through its fund till date. 

It will join dairytech startup’s existing backers Temasek, Matrix Partners, Orios Ventures and Elevation Capital in the cap table.

This will mark Country Delight’s second funding round for the year. 

It raised around $20 Mn (INR 164 Cr) from its existing investors – Temasek, Venturi Partners and others, back in January. Back then, the startup raised fresh funds at a valuation of $820 Mn. 

Later in February, Orios Venture Partners also made a partial exit from Country Delight, scoring a 45X return on its bet.

Meanwhile, the startup’s operating revenue has reportedly jumped 66% year-on-year (YoY) to INR 900 Cr in financial year 2022-23 (FY23) from FY22’s INR 542.6 Cr. It also claimed to have recorded a revenue of INR 650 Cr in the first half of FY24.

Founded in 2013 by Gade and Nitin Kaushal, Country Delight follows a subscription-based model. It sources milk from farmers and delivers it to customers’ doorsteps. It also supplies bread, ghee, other dairy products, fruits and vegetables. 

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