Indian dairy startup Country Delight raises $10m from Matrix, Orios Venture Partners

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Fresh milk startup Country Delight has raised Rs 70 crore (around $10 million) in a round led by venture capital firm Matrix Partners.

According to an official statement, the Series B round of funding also saw participation from existing investor Orios Venture Partners.

The Gurgaon-based direct-to-home, mass premium fresh milk brand plans to use the capital to scale up its operations nationally. Currently, Country Delight operates in the National Capital Region and Pune. The company is also planning to enter several other fresh food segments like yoghurt, paneer, among others.

Founded in 2015 by Chakradhar Gade and Nitin Kaushal, Country Delight claims to control the whole supply chain and sources its own milk from local farms, and delivers directly to a consumer’s home with minimal processing.

Country Delight has previously raised $2.49 million from Orios VP, Zarina Yar Khan, Anup Jain, Shashank K Singh, Sophia Mustafa and Abhirup Sarkar, according to Venture Intelligence.

“Milk, though at first sight looks like a staid business, is among India’s largest industries and is ripe for disruption with consumers becoming quality conscious. Combined with technology, the possibilities of the home delivered milk business are immense,” said Rehan Yar Khan, Managing Partner, Orios Venture Partners.

The home delivery of these daily dairy and staples requirements has become an attractive segment for investors, given its potential for mass reach and growth.

It is estimated that 80 per cent of the total dairy market, which is around $100 billion, is unorganised. Over 90% of the organized milk market is catered to by mass brands.

In December last year, micro-delivery startup, Milkbasket, had raised $7 million as part of its Series A funding round led by US-based Mayfield Advisors. Existing investors including Kalaari Capital, Unilever Ventures and Beenext Pte Ltd also participated in the round.

Prior to that, Matrix Partners had invested an undisclosed sum in subscription-based milk and grocery delivery venture DailyNinja in September 2018, along with the company’s existing backers Sequoia Capital and Saama Capital.

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India’s Country Delight said to have closed Matrix Partners-led funding round

Indian micro-delivery startup Milkbasket raises $7m funding led by Mayfield