Gurugram-based milk and grocery startup, Country Delight, has secured approximately $25 million (Rs 212.49 crore) in equity funding from V-Sciences Investments, backed by Temasek. This capital injection aims to bolster the company’s working capital and support its ongoing business expansion.
Key Highlights:
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- Funding Details:
- The funding comes in the form of Series E Compulsorily Convertible preference shares.
- The company issued over one lakh shares with a face value of Rs 20 and a premium of Rs 21,025 per share.
- Purpose of Funding:
- To address current working capital requirements.
- To fund other general business purposes.
- Valuation:
- Post-money valuation is estimated to be around $820 million, as reported by Entrackr.
- Investment History:
- This is Country Delight’s first equity investment in 2024.
- In November 2023, the company raised Rs 200 crore in debt from Alteria Capital.
- In January 2024, it raised 20 million USD from Temasek and Venturi Partners at a valuation of 820 million USD.
- Company Overview:
- Founded in 2015 by IIM Indore graduates Chakradhar Gade and Nitin Kaushal.
- Operates a vertical e-commerce platform delivering milk, fruits, vegetables, and other groceries.
- Services approximately 1.5 million users across 17 cities, including Tier II towns.
- Utilizes a subscription-based business model.
Expansion and Reach:
Country Delight’s expansion into Tier II cities like Vijayawada, Warangal, and Guntur highlights its strategy to broaden its customer base beyond major metropolitan areas. The company’s subscription model contributes to consistent revenue and customer loyalty. This new funding will enable Country Delight to further strengthen its market position and meet the growing demand for its products.
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