Online food delivery firm Country Delight on Wednesday said it raised USD 108 million in Series D funding led by Venturi Partners and Temasek. SWC Global, Trifecta Capital as well as existing investors — IIFL Asset Management, Elevation Capital, OriosVenture Partners and Matrix Partners — also participated in this round, the statement said.
The valuation of the company post fundraise is USD 615 million, Country Delight CEO and co-founder Chakradhar Gade said in a statement. This transaction takes the company’s total funding to USD 147 million. Avendus Capital acted as the exclusive financial advisor to Country Delight on this transaction. Founded in 2013, Country Delight provides fresh farm-to-home deliveries within 24-36 hours from sourcing.
According to Country Delight, over 60 per cent of the fresh food market is unorganised with limited cold storage capabilities, a fragmented logistics chain and inadequate visibility of product quality across the supply chain. “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. We are thrilled to have Venturi and Temasek partner with us on this journey,” Gade said.
In the last three years alone, Country Delight claims to have grown 10 times in scale and has served over 1.5 million customers across India. India’s fresh food and staples market is expected to cross USD 50 billion by 2025, the statement said.
“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 commoditised thus far,” Venturi Partners executive managing director Rishika Chandan said.