Exclusive: Country Delight Posts INR 650 Cr Sales In H1 FY24

Country Delight Nets INR 70 Cr Debt from Alteria Capital

SUMMARY

Country Delight is expecting to reach an EBITDA breakeven by the end of H1 2025, sources said

The dairy tech startup’s operating revenue stood at around INR 900 Cr in FY23, up nearly 66%

Earlier this year, Inc42 exclusively reported about the startup raising a funding of $20 Mn from existing investors

Delhi NCR-based Country Delight’s revenue stood at INR 650 Cr in the first half of the ongoing financial year and the dairy tech startup expects to continue this revenue rate for the full year, Inc42 has learnt.

Country Delight is expecting to reach an EBITDA breakeven by the end of H1 2025, sources told Inc42, citing the financial information submitted by the startup to its key investors.

It is pertinent to note the Country Delight is yet to file its audited financial statements for FY23 with the Ministry of Corporate Affairs.

Its operating revenue stood at around INR 900 Cr in FY23, an increase of around 66% from INR 542.6 Cr in FY22, the sources added.

However, Inc42 couldn’t ascertain Country Delight’s net loss/profit number for FY23. The startup’s net loss ballooned over 6.5X to INR 186.4 Cr in FY22 from INR 28.2 Cr in the previous fiscal year.

Country Delight cofounder Chakradhar Gade said in September last year that the startup would become profitable in the next 8-10 months.

As per the sources, Country Delight’s cash reserves stood at around INR 400 Cr at the end of Q2 FY24.

A questionnaire sent to the startup seeking clarity on its FY23 and H1 FY24 numbers and cash reserves didn’t receive any response till the time of publishing this story.

It must be noted that earlier this year, Inc42 exclusively reported that the startup had raised $20 Mn from its existing investors, including Temasek, Venturi Partners, and others.

Earlier this month, Orios Venture Partners, one of the earliest backers of Country Delight, scored a 45X return during its partial exit.

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.

Earlier, Gade also said that the startup plans to sell kitchen products such as wheat, batters, jams, oil and pickles, among others. However, it is yet to launch these products.

Besides major traditional players such as Mother Dairy, Nandini, and Amul, Country Delight competes against new-age players such as Odisha-based Milk Mantra and Reliance-acquired Milk Basket.