Country Delight Secures $20 Million Funding from Temasek, Venturi Partners
Country Delight, a direct-to-consumer (D2C) fresh foods brand, has secured approximately $20 million (around Rs 164 crore) in funding, led by Temasek, Singapore's sovereign fund and an existing investor. Venturi Partners, another existing investor, also participated in this round. Furthermore, Temasek-owned asset management group Seviora has invested through its agriculture and food-focused investment vehicle, Seviora T3F Fund. According to filings with the Registrar of Companies (RoC), this recent funding round places the Gurugram-based company's valuation at approximately $820 million. In the previous funding round held in May 2022, the startup had raised $108 million, valuing the company at $615 million.
According to Registrar of Companies (RoC) documents, Temasek invested approximately $9.3 million in this funding round, Seviora T3F contributed around $7 million, and Venturi Partners put in $3.4 million. Country Delight, established in 2013 by Chakradhar Gade and Nitin Kaushal, graduates of IIM Indore, specializes in delivering dairy products, fruits, and vegetables directly to consumers. It focuses on providing farm-fresh deliveries within 24-36 hours of sourcing through a fully integrated supply chain model, competing against online grocery platforms like Blinkit, BigBasket, Zepto, and Otipy. Expanding its product range, the company now also offers items like pulses, flour, rice, oils, spices, and dry fruits.
Operating across 15 cities, including Delhi-NCR, Mumbai, Bengaluru, Chennai, Jaipur, and Pune, Country Delight sources its products directly from dairy farms. In the fiscal year ending March 31, 2022, it reported operating revenues of Rs 564 crore but faced a net loss of Rs 186 crore, which was six times higher than the previous fiscal year. Financials for FY23 are pending. The company continues to focus on aggressive expansion efforts, reflecting significant investment in scaling its operations. According to Tracxn data, Country Delight has amassed a total funding of $300 million and includes investors such as Matrix Partners India, Elevation Capital, and Orios Venture Partners in its list of backers. This ongoing funding round may attract additional investors at different valuation terms.
According to Registrar of Companies (RoC) documents, Temasek invested approximately $9.3 million in this funding round, Seviora T3F contributed around $7 million, and Venturi Partners put in $3.4 million. Country Delight, established in 2013 by Chakradhar Gade and Nitin Kaushal, graduates of IIM Indore, specializes in delivering dairy products, fruits, and vegetables directly to consumers. It focuses on providing farm-fresh deliveries within 24-36 hours of sourcing through a fully integrated supply chain model, competing against online grocery platforms like Blinkit, BigBasket, Zepto, and Otipy. Expanding its product range, the company now also offers items like pulses, flour, rice, oils, spices, and dry fruits.
Operating across 15 cities, including Delhi-NCR, Mumbai, Bengaluru, Chennai, Jaipur, and Pune, Country Delight sources its products directly from dairy farms. In the fiscal year ending March 31, 2022, it reported operating revenues of Rs 564 crore but faced a net loss of Rs 186 crore, which was six times higher than the previous fiscal year. Financials for FY23 are pending. The company continues to focus on aggressive expansion efforts, reflecting significant investment in scaling its operations. According to Tracxn data, Country Delight has amassed a total funding of $300 million and includes investors such as Matrix Partners India, Elevation Capital, and Orios Venture Partners in its list of backers. This ongoing funding round may attract additional investors at different valuation terms.
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