Country Delight Raises $20 Mn From Temasek, Others The startup specializes in offering a range of dairy products, bakery goods, poultry, and farm produce
By S Shanthi
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Gurugram-based dairy brand Country Delight has raised $20 million (Rs 164.4 crore) in a Series E funding round from a mix of new and existing investors, say media reports. The round was led by Temasek with Rs 78.16 crore. New investor Seviora Capital contributed Rs 57.77 crore, and existing investor Venturi Partners joined in with Rs 28.55 crore.
According to media reports, the dairytech startup's board passed a special resolution to issue 78,157 Series E CCPS at an issue price of Rs 21,045 each.
Notably, this is the fourth company to file an IPO in the last fortnight, after Ola Electric, Firstcry and Mobikwik.
Founded by Chakradhar Gade and Nitin Kaushal, Country Delight specializes in offering a range of dairy products, bakery goods, poultry, and farm produce. The company currently serves customers in 15 cities, including Delhi (NCR), Mumbai, Bengaluru, Jaipur, Chennai, and Pune.
The company competes with legacy companies and startups in the space such as Mother Dairy, Amul, Nandini, Milk Basket and Milk Mantra.
According to Entrackr, as of now, the startup has raised $300 million across rounds including its Series D round of $108 million led by Nicholas Cator-backed Venturi Partners and Temasek. While Country Delight is yet to report FY23 numbers officially, its revenue from operations grew 69.2% to Rs 543 crore in FY22. The 13-year-old company's losses during the period (FY22) shot up over sixfold to Rs 186 crore as compared to Rs 28 crore in FY21, it said.
