**Country Delight Seeks $100 Million Funding to Fuel Expansion and IPO Plans**
Country Delight, a daily dairy delivery startup backed by Temasek, is in preliminary discussions to secure up to $100 million through a combination of primary and secondary sales. This funding aims to enhance its supply chain and broaden its delivery network.
Sources familiar with the situation revealed that the company has engaged Avendus to facilitate the fundraising process, which is expected to conclude within the next three to six months. Some existing investors are anticipated to divest their stakes during this round, while Country Delight is also in negotiations with potential new investors. However, specific valuation details remain undisclosed.
In secondary transactions, shareholders typically sell their stakes to other investors without introducing new capital into the company, often at a discount compared to primary shares. Country Delight has not yet responded to requests for comment, and Avendus has also refrained from providing any statements.
Recently, Country Delight raised approximately $25 million in an extended Series E funding round from Temasek, achieving a valuation of $820 million. Additionally, the company has ventured into the quick commerce sector, launching a pilot for a 10-15 minute delivery service in Gurugram last December, with plans to expand to other cities soon.
In October, the startup secured another $25 million from Alteria Capital to support its growth, capacity building, and marketing initiatives, marking the third investment from the venture debt provider in 2024. Co-founder Chakradhar Gade previously indicated that the company is preparing for its initial public offering (IPO), emphasizing the importance of diversifying capital sources to enhance financial efficiency and facilitate future growth.
Since its inception, Country Delight has raised around $200 million across 18 funding rounds, with notable investors including Matrix Partners, IIFL Asset Management, Elevation Capital, and Orios Venture Partners. The last significant funding round occurred in 2022, when the company raised $108 million in a Series D round, led by Venturi Partners and Temasek, among others.
As Country Delight continues to expand its operations and prepare for its IPO, the upcoming funding round will play a crucial role in its growth trajectory.
**FAQ**
**What is Country Delight planning to do with the new funding?**
Country Delight intends to use the new funding to enhance its supply chain, expand its delivery reach, and support its preparations for an initial public offering (IPO).
