Orios Venture Partners, an early-stage venture capital firm, has made a partial exit from Country Delight, a dairytech startup it backed seven years ago, achieving a remarkable 45X return on its initial investment. Known for its investments in companies like Battery Smart, Karbon, ixigo, Mobikwik, CarDekho, and Vedantu, Orios Venture Partners remains a notable player in the venture capital landscape.
Nevertheless, the firm retains the majority of its investment stake from Fund I in the company.
“When investing back in 2017, Orios had built a thesis on subscription commerce and had as part of the sector study met with more than 40 companies before selecting Country Delight,” the fund said in a statement.
Additionally, it emphasized that the exit highlights the effectiveness of Orios’ strategy in identifying top-performing companies and making early investments in them.
Established in 2013 by Chakradhar Gade and Nitin Kaushal, Country Delight operates on a subscription-based model, sourcing milk directly from farmers and providing doorstep delivery services to customers. In addition to milk, the company offers a range of products including bread, ghee, other dairy items, as well as fruits and vegetables.
The startup has secured nearly $158 million (excluding the ongoing funding round) across multiple rounds. Among its marquee investors are Temasek, Matrix Partners, Orios Ventures, and Elevation Capital.
In FY22, Country Delight experienced a significant increase in its net loss, surging over 6 times to INR 186.4 crore from INR 28.2 crore, while its revenue from operations more than doubled, reaching INR 542.6 crore.
Continue Exploring: Country Delight posts staggering 6X increase in FY22 losses, reaching INR 186 Crore
According to the company’s statement, it has undergone significant growth since its establishment, securing a total of 9 funding rounds and reaching a valuation of $820 million in its most recent funding round.
Rehan Yar Khan, managing partner at Orios Venture Partners, said, “We believe exceptional founders in large spaces can build special companies. With Country Delight, it has been an honour and great learning experience to watch Chakradhar and Nitin build the company, from a single product to over 140 products”
“We look at between 4000 to 5000 companies in a year to invest in 10. We have been doing this since 2008, first as private investors and then since 2014 as an AIF fund. The same process also led to the identification of Ola and Druva”
Meanwhile, Orios Venture Partners, launched in 2014, primarily invests in software and technology-enabled startups. Last month, it announced the return of INR 300 Cr from Fund I to its investors.
Launched in 2014, the VC firm’s Fund I reached its final close at INR 300 Cr in 2015.
The fund prioritized its resource allocation, with a notable emphasis on marketplaces, accounting for 27.07%, followed by direct-to-consumer (D2C) at 17.7% and healthtech at 14.45%. Key portfolios within the fund include PharmEasy, Country Delight, and Zostel.
Orios aims to strengthen its position further with substantial returns projected for both 2024 and 2025.
Orios was among the investors in troubled car servicing startup GoMechanic, which it marked down amid controversies surrounding the company.
In September last year, two former managing partners of Orios, Anup Jain and Rajeev Suri, stepped down from their positions to pursue other opportunities.
As per a report, Indian startups secured a little over $10 billion in funding by December 25, registering a 60% decline from $25 billion raised in the year before.
Continue Exploring: Country Delight to secure $20 Million funding in bridge round, sets sights on $758 Million valuation
