Country Delight, a dairy tech startup has closed its INR 200 Cr debt funding round with Alteria Capital. Earlier in August, they raised INR 70 Cr from Alteria Capital.
According to INC42, the new funds will be used to boost the startup’s expansion and capacity. Part of the money will also go towards marketing efforts. Alteria Capital’s co-founder and managing partner, Vinod Murali, said, “… 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.”
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Country Delight raises over $248 Mn
Established by IIM Indore alumni Chakradhar Gade and Nitin Kaushal in 2015, Country Delight delivers milk and daily essentials like desi ghee, paneer, and eggs straight from farmers to consumers.
Country Delight operates on a subscription model, delivering to 15 lakh subscribers across 15 cities. They have raised over $248 Mn in funding and are backed by Orios Venture Partners, Z47 (formerly Matrix Partners India), and Temasek.
Additionally, Alteria Capital is a venture debt firm managing over INR 4,400 Cr in assets across three funds. Its portfolio includes startups like Rebel Foods, Ola Electric, and Zepto.
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This advancement comes as many homegrown startups and unicorns are turning to debt for growth, with funding becoming scarce due to the funding winter. According to Inc42 data, the debt raised by Indian tech companies more than doubled to $576 Mn in the first half of 2024 compared to the same period last year.
Recently, B2B ecommerce unicorn Udaan closed a debt funding round of INR 300 Cr from Lighthouse Canton, Stride Ventures, InnoVen Capital, and Trifecta Capital. In October, agritech startup WayCool secured INR 100 Cr in debt funding from Grand Anicut.