INDIA – Country Delight, a fast-rising dairy tech startup now plans to venture into grocery delivery following a successful series C funding round where it was able to raise US$25 million.
The round, according to a report by India Times, was led by Elevation Capital and also features existing backers Matrix Partners, Orios Venture Partners and IIFL PE Fund.
With an aim to revolutionise milk consumption in India, Country Delight was founded in 2015 by Chakradhar Gade and Nitin Kaushal.
The startup provides locally sourced, natural, cow, buffalo milk, bread, ghee, and paneer directly to the consumer’s doorstep.
Country Delight sources its produce from its network of 500 farmers within a 150-200 km radius and claims to serve 1.5 million customers and fulfils close to 3 Million orders a month.
Following its success in the dairy sector, the startup now plans to use the funds to launch food essentials such as fruits and vegetables, cold-pressed edible oils, wheat, batters, pulses, spices, pickles, and jams.
With a huge financial war chest, Country Delight now plans to launch the grocery delivery services in the next 6-9 months.
Additionally, the company which is operational in Delhi NCR, Bengaluru, Pune, and Mumbai also plans to launch its Chennai operations in the next three weeks.
“Technology plays a very big role in building quality traceability and supply chain at scale – all of this while staying very capital efficient. We want to give our customers the best quality products, at the lowest possible price and directly to their doorstep.”Chakradhar Gade- Co-Founder Country Delight
Earlier in the year, January Country Delight had raised more than US$7 million in a Series B funding round which was led by Matrix Partners
A year prior, the startup had raised US$9.8 million in equity financing from venture capital firm, existing investors Matrix Partners and existing investor Orios Venture Partners had also participated in that round.
The successful financing rounds are a testimony to the potential that the Gurugram based foodtech startup has and the prospects that it presents to investors.
“The company has a truly unique business model and is one of the few consumer businesses in India with phenomenal retention metrics,” Deepak Gaur, Partner, Elevation Capital.
Investments in Country Delight are part of a recent shift by investors to milktech startups given the potential of India’s dairy sector which is projected to grow at a CAGR of 15% over the next three years, according to research firm IMARC Group.
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