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SUMMARY
The new capital will be used to scale the startup’s expansion plans, increase capacity and drive marketing initiatives
Of the total debt of INR 200 Cr, Country Delight had raised INR 70 Cr from Alteria Capital itself in August this year
Founded in 2015, Country Delight delivers milk and other daily essentials, including desi ghee, paneer and eggs, directly to consumers
Dairy technology startup Rural delight
has announced the final closing of its debt financing round of INR 200 Cr from venture capital firm Alteria Capital. Of the total is the startup had raised INR 70 Cr from Alteria Capital itself in August this year.
The new capital will be used to scale up the startup’s expansion plans and capacity. Part of the funding will also be used to boost the company’s marketing initiatives.
“…As we scale our operations and prepare for our IPO journey, it is important for us to leverage various sources of capital to improve financial efficiency and also position ourselves for the next phase of growth,” said Chakradhar Gade, co-founder and CEO of Country Delight.
Commenting on the fundraising, Vinod Murali, co-founder and managing partner of Alteria Capital, added: “…We are further investing in Country Delight as the company is very well placed to capitalize on its strong operating base and access the capital markets on the way to an eventual listing.” .
Founded in 2015 by IIM Indore alumni Chakradhar Gade and Nitin Kaushal, Country Delight supplies milk and other daily essentials, including desi ghee, paneer and eggs, directly from farmers to consumers.
The startup works on a subscription basis and claims to deliver to 15 Lakh subscribers across 15 cities. Country Delight has raised over $248 million in funding to date and is backed by names like Orios Venture Partners, Z47 (formerly Matrix Partners India) and Temasek.
Meanwhile, Alteria Capital is a venture capital firm that claims to have over INR 4,400 Cr in assets under management (AUM) across three funds. The investment company has several startups in its portfolio, including Rebel Foods, Ola Electric and Zepto.
The development comes at a time when more and more homegrown startups and unicorns are turning towards debt to fuel their growth ambitions as capital taps dry up due to winter funding. According to Inc42 data, The debt burden of Indian new-age technology companies has more than doubled year-over-year (YoY) to $576 million in the first half (H1) of 2024.
Just a few days ago, B2B e-commerce unicorn Udaan marked the final close of its fresh debt financing round of INR 300 Cr from Lighthouse Canton, Stride Ventures, InnoVen Capital and Trifecta Capital. Agritech will start in October itself WayCool secured debt financing of INR 100 Cr from Grand Anicut.