Country Delight To Net $25 Mn Funding From Temasek

Country Delight To Net $25 Mn From Temasek

SUMMARY

The funding is likely to be a part of the D2C soonicorn’s Series E round

As per the filing, the startup would use the fresh funding for working capital requirements and a miscellaneous "project"

This is the second time that the startup is raising external capital in the past six months after raising INR 200 Cr in debt from Alteria Capital in October 2024

Dairy tech soonicorn Country Delight is raising about $25 Mn (INR 212.50 Cr to be precise), in what looks like its Series E funding round, from Temasek’s subsidiary V-Sciences Investments Pte Ltd.

According to the startup’s filings with the MCA, its board of directors approved the proposal to issue over 1 Lakh Series E CCPS (compulsorily convertible preference shares) to V-Sciences Investments at INR 21,045 apiece.

Country Delight declined to comment on Inc42’s queries on the fundraise. The development was first reported by Entrackr.

As per the filing, the startup would use the fresh funding for working capital requirements and a miscellaneous “project”.

This is the second time that the dairy tech startup is raising external capital in the past six months. It last raised INR 200 Cr in debt from Alteria Capital at the end of October 2024.

Back then, the startup’s cofounder Chakradhar Gade said that the fundraise was imperative for it as it was looking to scale its IPO preparations. “It is important for us to use various capital sources to improve financial efficiency and also set us up for the next phase of growth,” Gade said then.

What Has Country Delight Been Up To?

Since its last fundraise, the dairy tech startup has been strengthening its portfolio and expanding into newer territories.

Importantly, the startup has also been said to be trying its hand at quick commerce in recent months. According to a December report by Financial Express, the D2C startup started quick 10-15 minute deliveries in some areas of Delhi-NCR.

While it is yet to be discerned how its quick commerce plans have fared till now, the 10-15 minute delivery proposition is in contrast to its daily delivery USP.

Founded in 2015 by Nitin Kaushal and Gade, the startup began operations as a farm-fresh milk delivery startup. To get complete control over quality, Country Delight took a full-stack approach that entailed sourcing, processing, and distribution of its products.

Over the years, the startup added other essentials like groceries, fruits, vegetables, among others, to its portfolio to expand its offerings.

Country Delight has raised over $250 Mn in funding since inception from investors like Elevation Capital, 360 ONE Asset, among others. Its last known valuation was $820 Mn.

It competes with the likes of BigBasket, Milkbasket and Milk Mantra.