Country Delight has raised Rs 65 crore through non-convertible debentures (NCDs) from Alteria Capital to strengthen its business operations and support future growth initiatives.
According to regulatory filings submitted to the Registrar of Companies (RoC), the company’s board approved the issuance of:
- 6,500 non-convertible debentures
- Face value of Rs 1 lakh each
The proceeds from the funding round will be used for general corporate purposes.
Follows Recent Series E Investment
The latest debt raise comes shortly after the company secured Rs 212.5 crore (around $25 million) in its Series E funding round from Temasek Holdings in March 2025.
Founded by Chakradhar Gade and Nitin Kaushal, the Gurugram-based startup focuses on direct-to-consumer delivery of:
- Milk and dairy products
- Bakery items
- Poultry products
- Fresh farm produce
- Daily essentials
The company sources products directly from dairy farms and producers.
Serving Over 1.5 Million Customers
Country Delight currently serves around 1.5 million customers across more than 25 Indian cities, including:
- Delhi NCR
- Bengaluru
- Chandigarh
- Gurugram
- Other major urban markets
The company has reportedly raised nearly $220 million to date through a combination of debt and equity funding.
Following the latest allotment, Temasek Holdings remains the largest external shareholder with a 13.63% stake.
Entry Into Quick Commerce Segment
Country Delight has also recently entered India’s rapidly growing quick commerce market.
The company launched a pilot 10–15 minute delivery service in Gurugram, placing it in competition with major players such as:
- Zepto
- Blinkit
The move signals the company’s expansion beyond scheduled subscription-based milk delivery into instant grocery and essentials fulfillment.
Revenue Growth Continues Despite Losses
While the company has not officially disclosed its FY24 financial statements, reports indicate strong revenue growth.
According to industry estimates:
- FY24 revenue reached around Rs 1,380 crore
- FY23 revenue stood at approximately Rs 917 crore
- Revenue growth was nearly 50% year-on-year
However, the company reportedly incurred losses of around Rs 260 crore during FY23 as it continued investing in expansion, logistics and customer acquisition.
Growing Investor Interest in Dairy-Tech Startups
The latest funding reflects increasing investor confidence in India’s dairy-tech and direct-to-consumer food delivery ecosystem.
Industry analysts believe startups like Country Delight are benefiting from:
- Rising demand for fresh dairy products
- Urban subscription-based consumption models
- Expansion of quick commerce infrastructure
- Consumer preference for farm-to-home delivery systems
The company’s future strategy is expected to focus on:
- Faster delivery capabilities
- Geographic expansion
- Strengthening supply chain operations
- Scaling premium dairy and fresh food categories
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