In a major financial update, Delhi NCR-based dairy tech startup, Country Delight, has reported an impressive INR 650 Cr in sales during the first half of the current financial year. Sources close to the matter have informed that the startup aims to sustain this revenue rate throughout the entire fiscal year, showcasing robust performance in a competitive market.
According to insiders, Country Delight is targeting an EBITDA breakeven by the end of the first half of 2025, as disclosed in its financial reports submitted to key investors. It’s worth noting that the startup is yet to file its audited financial statements for the fiscal year 2023 with the Ministry of Corporate Affairs.
The operating revenue for Country Delight stood at approximately INR 900 Cr in the fiscal year 2023, marking a substantial 66% increase from INR 542.6 Cr in the previous fiscal year (FY22), as per reliable sources. However, It has been unable to verify the net loss or profit figures for FY23. Notably, the startup witnessed a significant spike in net loss, surpassing 6.5 times, reaching INR 186.4 Cr in FY22 from INR 28.2 Cr in the preceding fiscal year.
Country Delight’s Co-founder, Chakradhar Gade, had expressed optimism in September of the previous year, predicting that the startup would achieve profitability within the next 8-10 months.
Insiders have revealed that as of the end of Q2 FY24, Country Delight’s cash reserves are estimated to be around INR 400 Cr. Despite sending a questionnaire to the startup to seek clarification on its FY23 and H1 FY24 figures and cash reserves.
Earlier this year, Inc42 exclusively reported that Country Delight successfully raised $20 Mn in funding from existing investors, including Temasek, Venturi Partners, and others. Additionally, in a recent development, Orios Venture Partners, one of Country Delight’s earliest backers, achieved a remarkable 45X return during its partial exit earlier this month.
Founded in 2013 by Chakradhar Gade and Nitin Kaushal, Country Delight operates on a subscription-based model, sourcing milk directly from farmers and delivering it to customers’ doorsteps. The startup has expanded its offerings to include other dairy products, bread, fruits, and vegetables. Notably, the company plans to diversify its product range by introducing kitchen items such as wheat, batters, jams, oil, and pickles, although the official launch of these products is still pending.
In a market dominated by traditional players like Mother Dairy, Nandini, and Amul, Country Delight faces competition from newer entrants such as Odisha-based Milk Mantra and Reliance-acquired Milk Basket.
