D2C dairy startup Country Delight raises ₹200 crore from Alteria Capital

Country Delight raises 200 crore in venture debt from Alteria Capital to fund its expansion, capacity building and brand marketing efforts

Priyamvada C
Published31 Oct 2024, 06:00 AM IST
Country Delight raises  <span class='webrupee'>₹</span>200 crore in venture debt from Alteria Capital to drive expansion and prepare for IPO journey.
Country Delight raises ₹200 crore in venture debt from Alteria Capital to drive expansion and prepare for IPO journey.

Bengaluru: Direct-to-consumer food essentials startup Country Delight has raised 200 crore (about $25 million) in venture debt from Alteria Capital to fund its expansion, capacity building, and brand marketing efforts, the company said in a statement on Thursday. 

“At Country Delight, we have always been focused on solving a very fundamental problem for Indian consumers which is to provide fresh, unadulterated milk to customers in a hassle free manner which then expanded to other essential items,” the company’s co-founder Chakradhar Gade said. 

“As we scale our operations and prepare for our IPO journey, 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.”

Also read: Trifecta launches its largest-ever venture debt fund at 2,000 crore

In FY24, Country Delight posted a revenue of 1380 crore, a 46% increase from a year earlier, according to a report by the ARC. The report added the growth was driven mainly by increase in subscribers and sales of non-dairy products such as fruits, vegetables, eggs, and pulses. Country Delight is yet to file its audited results. 

The company’s growth has also been fuelled through high quality produce with ease of engagement and a robust distribution network for predictable home deliveries. It aims to further strengthen its supply chain capabilities and expand across different parts of India. 

Founded in 2015 by Gade and Nitin Kaushal, Country Delight operates in the milk products and fresh produce category with its own branded offering. The startup currently serves nearly 1.5 million users across 15 cities in India. It operates under a daily subscription model serving its customers fresh cow & buffalo milk, curd, ghee, paneer, bread, and eggs among others. 

Also read: No startup’s too small to IPO in a bull market

Over the years, the startup has raised about $200 million across 18 rounds and is valued at a little over $800 million, as per Tracxn data. It counts Matrix Partners and Temasek among its investors. 

Meanwhile, this is Alteria’s third investment into the startup this year. In August, Country Delight raised 70 crore in debt from the venture debt provider after a 76 crore round in May, as per an Entrackr report. Earlier this year, it raised $20 million in its series E round from new and existing investors, which gave a large secondary exit to one of its earlier investors. 

“As the business expands, it is necessary to invest in capacity building across different pockets to improve efficiency in the business.. We are investing further in Country Delight, since the company is very well placed to capitalise on its strong operating foundation and access capital markets on a path to eventual listing,” Alteria’s co-founder and managing partner Vinod Murali said in the statement on Thursday. 

Typically, startups take on venture debt to fund their expansion plans before their next funding round. Venture debt also enables startups to increase the cash runway and complements equity financing but involves significantly less dilution.

Also read: Startup IPOs: Investors rush for exits as new capital takes a backseat

Alteria is one of the largest debt providers with a corpus of about 4400 crore across three funds. It has invested in over 200 Indian startups including Rebel Foods, Spinny, Ola Electric, Good Glamm Group, Infra.market, BharatPe, Cars24, Ather, Niyo and Bluestone. 

 

Catch all the Business News , Corporate news , Breaking News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates.

MoreLess
First Published:31 Oct 2024, 06:00 AM IST
Business NewsCompaniesStart-upsD2C dairy startup Country Delight raises ₹200 crore from Alteria Capital

Get Instant Loan up to ₹10 Lakh!

  • Employment Type

    Most Active Stocks

    ITC share price

    481.30
    03:52 PM | 6 NOV 2024
    1.25 (0.26%)

    Tata Steel share price

    153.60
    03:59 PM | 6 NOV 2024
    1.3 (0.85%)

    Infosys share price

    1,824.30
    03:58 PM | 6 NOV 2024
    70.5 (4.02%)

    Larsen & Toubro share price

    3,646.65
    03:44 PM | 6 NOV 2024
    71.25 (1.99%)
    More Active Stocks

    Market Snapshot

    • Top Gainers
    • Top Losers
    • 52 Week High

    National Aluminium Company share price

    245.00
    03:55 PM | 6 NOV 2024
    10 (4.26%)

    EPL share price

    270.15
    03:42 PM | 6 NOV 2024
    8.15 (3.11%)

    Firstsource Solutions share price

    380.35
    03:53 PM | 6 NOV 2024
    10.95 (2.96%)

    City Union Bank share price

    178.85
    03:29 PM | 6 NOV 2024
    0.15 (0.08%)
    More from 52 Week High

    Hindustan Zinc share price

    513.15
    03:54 PM | 6 NOV 2024
    -46.3 (-8.28%)

    Great Eastern Shipping Company share price

    1,257.65
    03:53 PM | 6 NOV 2024
    -36.35 (-2.81%)

    Five Star Business Finance share price

    654.85
    03:43 PM | 6 NOV 2024
    -18.8 (-2.79%)

    Triveni Engineering & Indus share price

    406.00
    03:29 PM | 6 NOV 2024
    -11.25 (-2.7%)
    More from Top Losers

    Syrma SGS Technology share price

    554.00
    03:51 PM | 6 NOV 2024
    47.45 (9.37%)

    Dixon Technologies (India) share price

    15,658.95
    03:43 PM | 6 NOV 2024
    1262.95 (8.77%)

    Tejas Networks share price

    1,409.95
    03:55 PM | 6 NOV 2024
    101.7 (7.77%)

    Eclerx Services share price

    3,263.35
    03:52 PM | 6 NOV 2024
    231.45 (7.63%)
    More from Top Gainers

    Recommended For You

      More Recommendations

      Gold Prices

      • 24K
      • 22K
      Bangalore
      80,365.00110.00
      Chennai
      80,371.00110.00
      Delhi
      80,523.00110.00
      Kolkata
      80,375.00110.00

      Fuel Price

      • Petrol
      • Diesel
      Bangalore
      102.92/L0.00
      Chennai
      100.80/L0.00
      Kolkata
      104.95/L0.00
      New Delhi
      94.77/L0.00

      Popular in Companies

        HomeMarketsloanPremiumMint Shorts