Country Delight, a prominent dairytech startup based in Delhi-NCR, is on the brink of securing a funding round amounting to $9 million (INR 76 crore) from Alteria Capital, structured as a blend of debt and equity infusion.
Funding Structure and Special Resolution
In pursuit of these funds, Country Delight’s board has passed a special resolution to issue 70,000 Series F2 debentures at an issue price of INR 1 lakh each and 3,160 Series E1 Compulsorily Convertible Cumulative Partly Paid Preference Shares (CCPS) at an issue price of INR 21,045, according to filings by the startup. These shares will be allocated to Alteria Capital Fund II and Alteria Capital Fund III.
Investment Details and Alteria Capital’s Strategy
The investment from Alteria Capital, primarily channeled through its recently concluded third venture debt fund, underscores its commitment to supporting promising ventures. Having closed the fund at INR 1,550 crore (over $190 million) in March, the firm aims to back 100-125 companies by December 2026. Country Delight joins a portfolio that includes notable names such as One Card, Renee Cosmetics, and Rebel Foods.
Existing Backers and Funding History
Alteria Capital’s investment will add to the roster of Country Delight’s existing backers, including Temasek, Matrix Partners, Orios Ventures, and Elevation Capital. This marks the startup’s second funding round for the year, following its earlier raise of approximately $20 million (INR 164 crore) in January, with participation from Temasek, Venturi Partners, and others. Notably, this previous funding round valued the startup at $820 million.
Operational Performance and Growth Trajectory
Amidst fundraising endeavors, Country Delight has reported robust operational performance, with operating revenue surging by 66% year-on-year to INR 900 crore in FY23 from INR 542.6 crore in FY22. Additionally, the startup disclosed a revenue figure of INR 650 crore for the first half of FY24.
Subscription-based Model and Market Presence
Founded in 2013 by Gade and Nitin Kaushal, Country Delight operates on a subscription-based model, sourcing milk directly from farmers and delivering it to customers’ doorsteps. Beyond milk, the startup offers a range of products including bread, ghee, other dairy items, as well as fruits and vegetables.
