Monday, 5 August 2024, Bengaluru, India
County Delight is a dairy brand that raised $8.45 million from Alteria Capital in its debt funding round. This marks the second debt funding round for the company. The funding round had the participation of new and existing investors. The startup plans to use these fresh proceeds to scale its operations, expand its services, improve its platform, and expand its network in the dairy market.
The board members approved a resolution to allot 7000 Non-Convertible debentures at an issue price of Rs 1,00,000 per debenture to raise 8.45 million USD. The startup previously raised $9 million from its existing investor Alteria. Country Delight was valued at $820 million during its equity round and it raised $20 million during its Series E funding round earlier this year. The investment will be used to meet market demand and working capital purposes. The Gurugram-based startup provides a platform to offer dairy products and grocery delivery services. The application uses advanced and cutting-edge technologies to provide its customers with a seamless user experience and secure transactions. This investment shows the trust of Alteria Capital in the firm’s market potential and business model.
This Gurugram startup enables dairy products, fruits, and vegetable delivery services to be easier and more secure. The firm is working on enhancing its ability while increasing its services and reaching more customer and client base. The company believes this expansion will help them improve their network and strengthen their market presence. The company provides its products directly from dairy farms to customers. The dairy brand operates in more than 15 cities including Delhi NCR, Bengaluru, Mumbai, and Chennai. The platform claims to offer high-quality, pure, organic, unadulterated, and fresh products to its customers. The startup data intelligence platform, the kredible mentioned that reported that after the previous round, Orios Venture Partners became the largest stake with 21.35 percent.
The company reported its operational revenue of 78 million USD in the first half of FY24. The startup expects a jump in this financial year. The company reported a revenue of $108 million for FY23. The startup faces competition from other dairy brands including Milk Mantra, Otipy, and Sid’s Farm. Otipy recently closed its funding round of $10 million raised from its new and existing investors. The development came just after the dairy product sector received increased interest from investors.
Conclusion:
Country Delight is a grocery and dairy product delivery platform in Gurugram that secured $8.45 million in its debt funding round led by Alteria Capital with the participation of new and existing investors. The company intends to use this fresh capital to enhance its platform, introduce new categories, scale its operations, and expand its services. The startup aims to expand its network, it currently operates in 15 cities including Mumbai and Bengaluru. The firm may use this investment to make its platform accessible to more people and increase its customer base. The startup competes with Akshayakalpa Organic, Sid’s Farm, and others in the same market.
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