Companies

Yatti Soni | Bengaluru, May 25 | Updated on: May 25, 2022

The transaction takes the Country Delight’s total funding to $147 million

Country Delight, a D2C food essentials brand, has raised $108 million in Series D funding round led by Venturi Partners and Temasek along with the participation of SWC Global and Trifecta Capital.

Existing investors such as IIFL Asset Management, Elevation Capital, Orios Venture Partners and Matrix Partners participated in the funding round. The transaction takes the company’s total funding to $147 million. Avendus Capital acted as the exclusive financial advisor to Country Delight on this transaction.

Founded in 2013, Country Delight is a direct-to-consumer fresh food essential brand delivering dairy, fruits, and vegetables to the doorstep of consumers.

According to the company, it ensures fresh farm-to-home deliveries within 24-36 hours from sourcing, facilitated by a fully integrated supply chain model. In the last three years, Country Delight is said to have grown 10x in scale and has served over 15 lakh customers across India.

On the fundraise, Chakradhar Gade, CEO and Co-founder and Nitin Kaushal, COO and Co-founder, Country Delight said, “Country Delight is on a mission to disrupt the decades old Indian food essentials space. On 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. 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. ”

Rishika Chandan, Executive Managing Director, Venturi Partners said, “Country Delight is solving a very real problem at scale. Quality consciousness in India is on the rise as are customer expectations of transparency and clean products. The brand’s focus on offering farm-to-doorstep daily pantry essentials that are fresh and of highest quality has resulted in immensely positive customer feedback and strong loyalty. We have been very impressed by their product-first approach, vertically integrated business model and ability to expand across categories. India has about 20 million affluent households across the top 50 cities that could benefit from Country Delight’s range of products, making this a huge opportunity that has remained largely commoditized thus far.”

Chetan Naik, Private Equity Fund Manager, IIFL AMC said, “Country Delight is uniquely positioned to capture the evolving consumer preference towards natural, minimally processed and healthier food choices. They are the only vertically integrated player with a direct-to-consumer channel, owning the entire farm to fork ecosystem. Since our previous investment, Country Delight has evolved into a basket of offerings across the food essentials segment and has demonstrated best-in-class customer retention metrics amongst new age D2C brands.”

Published on May 25, 2022