Gurugram-based fresh milk startup Country Delight has raised ₹163 crore in a Series C round led by the asset management company, Elevation Capital, filings revealed. The round also saw participation from Matrix Partners, IIFL PE Fund and Orios Venture Partners.
The five-year-old dairy products company would allot 3,62,140 Series C2 preference shares to these investors at an issue price of Rs 4,501 per share, shows regulatory filings.
Elevation Capital raised preference capital worth Rs 92.04 crore while both Matrix Partners and Orios Ventures will pour in Rs 18.8 crore each. IIFL India Private Equity will also invest Rs 33.4 crore in this investment round.
With the Series C round, Country Delight has raised over Rs 231 crore in total capital. Unlike subscription commerce platforms, it’s a full-stack model (farm to table) and has no intermediaries. Post the investment, Country Delight has been valued at nearly ₹1,050 crore. Country Delight has now raised over ₹231 crore in total capital
The brand sources fresh cow and buffalo milk and eggs directly from farmers and processes several other daily products like bread, paneer, ghee, curd etc. According to the company, customers can rely on the product quality with closed eyes as they go through five stringent quality tests for purifying their products from toxins and impurities.
While Direct to Consumer (D2C) dairy delivery is still in an initial stage in India, Country Delight is said to be one of the very few dominant players in this segment.
According to reports, Country Delight scored operating revenue of INR 65 crore in Financial Year 2019; it incurred losses worth INR 19 crore in the same year. The company is yet to file its annual report for Financial Year 2020 that ended in March
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