Dairy and daily essentials brand Country Delight has secured Rs 70 crore ($8.45 million) in debt funding from Alteria Capital. This marks the second time in 2024 that the Gurugram-based company has received investment from this lender.
Country Delight’s board has issued 7,000 non-convertible debentures (NCDs) at a price of Rs 1,00,000 each, according to its regulatory filing with the Registrar of Companies (RoC). Earlier this year, the company raised Rs 76 crore ($9 million) through a mix of debt and equity from Alteria Capital. In January, Country Delight also raised $20 million during its Series E funding round, achieving a valuation of approximately $820 million.
In February, a secondary transaction saw Orios Venture Partners partially exit by selling a 3% stake to Temasek for about Rs 225 crore ($27 million). This exit was a notable return for Orios, which also saw significant gains from its investment in BatterySmart.
Country Delight operates as a dairy and grocery startup, providing subscription-based delivery of milk, milk products, fruits, and vegetables. The company bypasses middlemen by working directly with farmers and serves regions including Delhi (NCR), Mumbai, Bengaluru, and Chennai.
The company reported operating revenue of Rs 650 crore ($78 million) in the first half of FY24. It is anticipated to experience substantial growth from the estimated Rs 900 crore ($108 million) revenue in FY23, although official numbers for FY23 and FY24 have yet to be disclosed.
Country Delight faces competition from brands like Akshayakalpa, Milk Mantra, Sid’s Farm, and Otipy. Notably, Akshayakalpa raised $12 million in January, Sid’s Farm secured $10 million in Series A funding in June, and Otipy is closing a $10 million funding round.
