Country Delight secures $20M funding from Temasek, Venturi Partners at $820M valuation
Founded in 2013 by IIM Indore alumni Chakradhar Gade and Nitin Kaushal, Country Delight offers premium dairy products, fruits, and vegetables to consumers.
Dairy startup has raised $20 million in funding from existing investors Singapore’s sovereign fund Temasek and Venturi Partners. Temasek-owned asset management group Seviora also invested through its agriculture and food-focused investment vehicle Seviora T3F Fund.
The latest round values the startup at $820 million. With this round, the company has secured more than $130 million in funding to date.
The Gurugram-based company counts Orios Venture Partners, SWC Global, Trifecta Capital, IIFL Asset Management, Elevation Capital, and Matrix Partners as its investors.
Founded in 2013 by Chakradhar Gade and Nitin Kaushal, is a direct-to-consumer (D2C) brand which offers premium dairy products along with vegetables, fruits, and staples. It aims to disrupt the decades-old food FMCG space in India, which is dominated by aggregators, over-processed products, and broken supply chains, according to Chakradhar Gade, Co-founder and CEO of Country Delight.
The company—which raised $108 million at a valuation of $615 million in May 2022—competes with Reliance-owned Milkbasket, A91 Partners-backed Akshayakalpa, Mother Dairy, Milky Mist, and traditional state-owned brands like Amul and Nandini.
Country Delight’s scale has grown 20 times in the last four years, according to a statement.
“Country Delight has adopted a tech-driven full-stack model where products have a low shelf life, the supply chain is in the control of the business and the highest quality produce is delivered directly from the source all the way to the doorstep of the customer every single day,” Gade added.
Rehan Yar Khan, Managing Partner at Orios Venture Partners, said, “As Country Delight’s first institutional investor, it has been a wonderful learning experience to watch Chakradhar and Nitin build one of India’s most loved FMCG brands. Today, Country Delight has become a household name amongst those who value quality products. Yet these are early days for the business and we believe they will go on to become one of India’s legendary brands.”
Edited by Megha Reddy