Milk and grocery startup Country Delight to secure $25M from Temasek
Country Delight intends to raise fresh capital to meet current working capital requirements and for business purposes.
Dairy products brand Country Delight is raising Rs 212.49 crore (around $25 million) in equity funding from V-Sciences Investments, backed by Temasek.
The Board of the Gurugram-based firm passed a special resolution to issue over one lakh Series E Compulsorily Convertible preference shares with a face value of Rs 20 and a premium of Rs 21,025 apiece to raise Rs 212.49 crore.
The company said it intends to raise fresh capital to meet the current working capital requirements and other business requirements, according to a statement with the Registrar of Companies (RoC).
The development was first reported by The Entrackr, which estimates the company's post-money valuation to be around $820 million.
This will be the company's first equity investment this year. Last year in November, the company secured Rs 200 crore in debt from Alteria Capital. Prior to that, it had raised $20 million in January 2024, from Temasek, Venturi Partners at a valuation of $820 million.
Founded in 2015 by IIM Indore graduates Chakradhar Gade and Nitin Kaushal, Country Delight is a vertical ecommerce platform that delivers milk, fruits, vegetables, and other groceries in almost 17 cities, including Tier II towns such as Vijayawada, Warangal, and Guntur. It operates on a subscription model serving nearly 1.5 million users across 15 cities.
Edited by Affirunisa Kankudti