Venturi Partners, Temasek lead $108 mn funding in Country Delight

 Venturi Partners, Temasek lead $108 mn funding in Country Delight

Direct-to-consumer food essentials platform Country Delight said Wednesday it has raised $108 million in a Series D funding round led by Venturi Partners and Temasek, with participation from SWC Global and Trifecta Capital.

Existing investors IIFL Asset Management, Elevation Capital, Orios Venture Partners and Matrix Partners also participated. This transaction takes the company’s total funding to $147 million.

Founded in 2013, Country Delight offers dairy, fruits and vegetables to the doorstep of consumers. The company’s business model seeks to bring fresh farm-to-home deliveries within 24 to 36 hours from sourcing, facilitated by a just-in-time supply chain model.

The company said it has grown 10x in scale in the last three years and has served over 1.5 million customers across India. It also claims it records around 8 million deliveries per month across 15 cities with a supply chain that spans across 11 states in the country.

Country Delight says over 60% of the fresh foods market in India is unorganized with limited cold storage capabilities, a fragmented logistics chain and inadequate visibility of product quality across the supply chain. The company led by founders Chakradhar Gade (CEO) and Nitin Kaushal (COO), is looking to solve these challenges.

“Country Delight is solving a very real problem at scale. We have been very impressed by their product-first approach, vertically integrated business model and ability to expand across categories,” said Rishika Chandan, Executive Managing Director, Venturi Partners.

Chetan Naik, private equity fund manager at IIFL AMC, said Country Delight is 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,” Naik said.

Avendus Capital acted as the exclusive financial advisor to Country Delight on this transaction.

Vivek Sinha

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