Matrix Partners India invests Rs 70 Cr in milk brand Country Delight
Delhi-based Country Delight will be using the freshly raised funds from Matrix Partners India to scale its operations nationally.
Venture capital firm Matrix Partners invested Rs 70 crore in premium fresh milk brand Country Delight on Friday. Existing investors Orios Venture Partners also participated in the round.
Avinash Bajaj, Founder and Managing Director of Matrix India, said:
"We have been tracking Country Delight for more than a year now, and have been very impressed with Chakradhar and Nitin’s vision for it backed by strong on the ground execution and customer feedback. We believe Country Delight founders' vision is at the sweet spot of growing consumer aspirations, technology, innovative business models, environment and is as 'Made in India, for India' a model as they come, and are excited to be a partner in this journey.”
Delhi-based Country Delight will be using the freshly raised funds to scale its operations nationally. Founded by Chakradhar Gade and Nitin Kaushal in 2015, Country Delight sources cow and buffalo milk from local farms and delivers them directly to customers' doorstep within 24 to 36 hours. The startup has a mobile application to allow its users to subscribe to its service. The company is also entering other segments including yoghurt and paneer. Commenting on the fundraise, Chakradhar said,
"This is the first step for us to achieve the goal of building one of India's largest consumer brands and that is direct to home and driven by consumer obsession (consumer first thinking) in all our products."
Matrix Partners India recently closed its Fund III with a committed capital of over $300 million. They will continue to invest in companies across seed, early-stage, Series A and B stages in different sectors.
Matrix Partners' current portfolio includes ride-hailing unicorn Ola, healthtech company Practo, fintech and financial services startups Mswipe and Five Star Business Finance, news aggregator Dailyhunt, hotel aggregator Treebo and ecommerce platform Limeroad.