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.

Also Read:

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

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

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Following vacancies can be applied for (only in Singapore).   

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.