Country Delight, a direct-to-consumer dairy brand, has raised $108 million in its Series E round of funding led by Venturi Partners and Temasek, valuing the company at $615 million. The round also saw participation from SWC Global and Trifecta Capital along with existing investors, IIFL Asset Management, Elevation Capital, Orios Venture Partners and Matrix Partners.
The company plans to use the fresh capital to expand its product portfolio, strengthen its supply chain and technology infrastructure, and enter new markets. Country Delight currently operates in Delhi-NCR, Mumbai, Pune, Bengaluru, Hyderabad and Chennai, serving over 1.5 million households.
Country Delight was founded in 2011 by Chakradhar Gade and Nitin Kaushal with a vision to provide natural and fresh dairy products to consumers. The company sources milk from local farmers and delivers it to customers within 24-48 hours of milking. The company also offers other products such as bread, eggs, paneer, ghee, curd and honey under its brand.
The company claims to have a high customer retention rate of over 75% and a positive unit economics. The company also leverages technology to enable quality control, traceability, subscription management and delivery optimization. The company competes with other players in the online milk delivery space such as Milkbasket, Supr Daily and BigBasket.
The online milk delivery market in India is expected to grow at a CAGR of 19.5% from 2020 to 2027, reaching $3.1 billion by 2027, according to a report by Research and Markets. The growth is driven by factors such as rising disposable income, increasing urbanization, growing health awareness and changing consumer preferences.