19.1 C
New Delhi
Friday, November 22, 2024

Country Delight eyes $9 Million funding from Alteria Capital for expansion

Published:

Country Delight, a Delhi-NCR-based dairytech startup, is looking to raise $9 million (INR 76 crore) from Alteria Capital through a mix of debt and equity financing.

To secure the funds, Country Delight’s board has approved 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 the startup’s filings.

It further stated that these shares were issued to Alteria Capital Fund II and Alteria Capital Fund III.

Continue Exploring: Country Delight records INR 650 Cr revenue in H1 FY24, eyes EBITDA breakeven by 2025

Entrackr was the first to report the development.

Alteria Capital will primarily invest in the startup through its recently closed third venture debt fund. This fund, closed in March at INR 1,550 crore (over $190 million), aims to support 100-125 companies by December 2026.

In addition to Country Delight, the VC firm has supported One Card, Renee Cosmetics, Samunnati, Bliss Club, Rebel Foods, Giva, Lead School, Kissht, Captain Fresh, Traya, Bluestone, and Ather through its fund to date.

It will become part of the cap table alongside the current supporters of the dairytech startup: Temasek, Matrix Partners, Orios Ventures, and Elevation Capital.

This marks Country Delight’s second funding round for the year.

In January, it secured approximately $20 million (INR 164 crore) from its current investors – Temasek, Venturi Partners, and others – at a valuation of $820 million.

In February, Orios Venture Partners also partially exited from Country Delight, securing a 45X return on its investment.

Continue Exploring: Orios Venture Partners nets 45X ROI with Country Delight partial exit

Country Delight’s Financial Performance

Meanwhile, the startup’s operating revenue has purportedly surged by 66% year-on-year (YoY) to INR 900 crore in the financial year 2022-23 (FY23), up from FY22’s INR 542.6 crore. It additionally asserted a revenue of INR 650 crore in the first half of FY24.

Established in 2013 by Chakradhar Gade and Nitin Kaushal, Country Delight operates on a subscription-based model. It procures milk from farmers and delivers it directly to customers’ homes. Additionally, it offers a variety of other products including bread, ghee, various dairy items, as well as fruits and vegetables.

SnackTeam
SnackTeamhttps://snackfax.com
SnackTeam is a specialised group of editorial staff motivated to improve the lives of individuals and society. The team intends to bring the most authentic, well-researched and dependable content for you and your loved ones every day.
Subscribe to our Newsletter!

Stay updated on the latest news, trends, and top startups with Snackfax's daily newsletter!

Related articles

Recent articles

× Drop a, Hi?