Direct-to-consumer (D2C) food essentials brand Country Delight has raised $108 million (about Rs 837 crore) as a part of its Series D funding round led by Singapore-based Venturi Partners and Temasek, the company said in a statement on May 25. The fundraise has valued the company at $615 million.
SWC Global and Trifecta Capital along with existing investors, IIFL Asset Management, Elevation Capital, Orios Venture Partners and Matrix Partners also participated in this round. With this round, Country Delight has raised $147 million in funding to date.
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Founded in 2013, the company offers dairy essentials, fruits and vegetables at the doorstep of consumers. The company claims to deliver fresh groceries in 24-36 hours, directly from farms, as it leverages its fully integrated just-in-time supply chain model, it said.
Country Delight claimed to have grown 10 times in the last three years and said it has served over 1.5 million customers across India.
The company said that over 60 percent of the fresh foods market is unorganised with limited cold storage capabilities, adding that it is betting on India’s fresh food and staples market, which is expected to cross $50 billion by 2025.
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The unorganised foods market also has a fragmented logistics chain and inadequate visibility of product quality across the supply chain, which Country Delight aims to address and solve, it said.
“On the one hand we have a highly unorganised sector, where quality is unreliable and on the other hand, we have a highly organised sector, where the essence and naturalness of food is completely lost,” said Chakradhar Gade, Co-founder and CEO of Country Delight.
“At Country Delight, we have taken a tech-driven and consumer-centric approach to solve this problem by delivering natural, fresh and minimally processed food essentials, sourced directly from farmers present across the country and deliver to the doorstep of consumers every single day,” Gade added.
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Avendus Capital acted as the exclusive financial advisor to Country Delight on this transaction.
