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Dairy startup Doodhvale Farms raises $3 Mn in Series A round

EntrackrEntrackr · 9m ago
Dairy startup Doodhvale Farms raises $3 Mn in Series A round
Medial

Dairy startup Doodhvale Farms has raised $3 million in a Series A funding round co-led by Atomic Capital and Singularity Early Opportunities Fund. The round also saw participation from Bharat Founders Fund, Indigram Labs Foundation, and angel investors including Ramakant Sharma, Ankit Tandon, Livspace CEO Saurabh Jain, and Arjun Vaidya. The Delhi-based company had previously raised $1.12 million in 2020. The proceeds from the latest funding will be utilized to accelerate the company’s expansion, strengthen its distribution networks, diversify its product portfolio, and upgrade its technology infrastructure, Doodhvale said in a press release. Co-founded in 2019 by Aman J. Jain, Ishu Jain, Sanjay Jain, and Sudhir Jain, Doodhvale Farms is a fully vertically integrated, technology-driven Direct-to-Consumer (D2C) dairy and daily essentials company. It produces and delivers premium, farm-fresh products directly to consumers’ doorsteps, aiming to provide the nutrient-rich, farm-fresh experience milk was always meant to offer. The company ensures delivery within 36 hours. The company claims to have maintained a strong growth trajectory, achieving 100% year-over-year growth, consistent profitability on an EBITDA basis for three consecutive years. Doodhvale Farms aims to compete with traditional brands like Mother Dairy and Amul, as well as new-age brands like Country Delight, Akshayakalpa, Sid’s Farm, and Milky Mist.

Country Delight raises Rs 200 Cr in debt from Alteria

EntrackrEntrackr · 9m ago
Country Delight raises Rs 200 Cr in debt from Alteria
Medial

Gurugram-based dairy brand and daily essential brand Country Delight has raised Rs 200 crore in venture debt from Alteria Capital. The D2C firm received Rs 140 crore in debt across two tranches in May and August. Entrackr exclusively reported the development. It also scooped up $20 million in an equity round early this year. The debt funds will be used to support the company’s expansion, increase capacity, and drive brand marketing efforts, the company stated in a press release. “As we scale our operations and prepare for our IPO journey, it is important for us to use various capital sources to improve financial efficiency and also set us up for the next phase of growth,” said Chakradhar Gade, co-founder and CEO of Country Delight. Launched by Gade and Nitin Kaushal, Country Delight provides a range of dairy products, bakery goods, poultry, and farm produce to its customers. The company sources its products directly from dairy farms and caters to 1.5 million customers in 15 cities including Delhi (NCR), Mumbai, Bengaluru, Jaipur, Chennai, and Pune. As per startup data intelligence platform TheKredible, Country Delight is close to becoming a unicorn as it was valued at around $820 million in the last equity round. It has raised around $200 million to date. For the fiscal year FY24, Country Delight posted a revenue of Rs 1,380 crore, according to a report by The ARC. In FY23, its revenue was estimated at around Rs 900 crore against Rs 542.6 crore in FY22. The firm has yet to report FY23 and FY24 numbers officially. Recently, Stellapps secured $26 million in a Series C funding round. The company also faces competition from Akshayakalpa, Sid’s Farm, Milky Mist, and, to a lesser extent, Otipy.

Exclusive: Alteria infuses Rs 70 Cr debt in Country Delight

EntrackrEntrackr · 1y ago
Exclusive: Alteria infuses Rs 70 Cr debt in Country Delight
Medial

Dairy brand and daily essential brand Country Delight has raised Rs 70 crore ($8.45 million) in debt from Alteria Capital. This is the second debt infusion from the investor in the Gurugram-based firm in 2024. The board at Country Delight has issued 7000 non-convertible debentures (NCDs) at an issue Price Rs 1,00,000 each to raise Rs 70 crore ($8.45 million), its regulatory filing accessed from the Registrar of Companies (RoC) shows. In May, Country Delight raised Rs 76 crore ($9 million) through debt and equity from Alteria Capital. Prior to that, it scooped up $20 million as a part of Series E round in January this year. The company was valued at around $820 million during the equity round. The Chakradhar Gade-led company also saw a secondary transaction in February when Orios Venture Partners made a partial exit by selling 3% stake to Temasek for around Rs 225 crore ($27 million). It was one of the multi-bagger exits for the early-stage VC firm, which also made substantial returns on its investments in BatterySmart. Country Delight is a dairy and grocery startup that offers the delivery of milk, milk products, fruits and vegetables on a subscription basis. The platform engages directly with the farmers without middlemen. It’s operational in Delhi (NCR), Mumbai, Bengaluru, and Chennai, among others. Country Delight’s operating revenue reportedly stood at Rs 650 crore ($78 million) in the first half of the last financial year (FY24). The company is likely to post a significant jump in FY24 from the estimated revenue of Rs 900 crore ($108 million) in FY23. The firm is yet to report FY23 and FY24 numbers officially. Check startup data intelligence platform TheKredible for country Delight’s latest shareholding and funding round breakups. It competes with Akshayakalpa, Milk Mantra, Sid’s Farm and Otipy, among others. While Akshayakalpa already raised $12 million as a part of a larger round in January, Sid’s Farm raised $10 million in Series A in June. Otipy is closing a $10 million round from new and existing investors. Entrackr exclusively reported the development last month.

Happy Nature, a D2C consumer tech milk, dairy & breakfast essential brand,  raises $300,000 in a Pre-Series A Round led by Inflection Point Ventures

Startup News FYIStartup News FYI · 1y ago
Happy Nature, a D2C consumer tech milk, dairy & breakfast essential brand,  raises $300,000 in a Pre-Series A Round led by Inflection Point Ventures
Medial

Happy Nature, a direct-to-customer (D2C) brand that offers farm-fresh milk, dairy, and breakfast essential products, has secured $300,000 in a pre-Series A funding round led by Inflection Point Ventures (IPV). The funding will be utilized to expand sales, marketing, branding efforts, accelerate growth, enhance customer engagement initiatives, and strengthen Happy Nature's position in India's dairy industry. The company aims to provide clean label, preservative-free products while supporting small farmers and meeting consumer demands. Happy Nature currently operates in 12 cities, serving over 15,000 daily orders.

Hatsun Agro acquires Eight Road Ventures-backed Milk Mantra

EntrackrEntrackr · 7m ago
Hatsun Agro acquires Eight Road Ventures-backed Milk Mantra
Medial

Hatsun Agro acquires Eight Road Ventures-backed Milk Mantra Milk Mantra has raised nearly $35 million from the likes of Aavishkaar Venture Capital, Fidelity Growth Partners, Neev Fund, Eight Roads Ventures and US-based DFC. Hatsun Agro Product Limited (HAP), a dairy product manufacturer, has announced the acquisition of 100% of the share capital of Milk Mantra for Rs 233 crore ($27.5 million). This acquisition aims to strengthen HAP’s presence in the Eastern India dairy market, particularly in Odisha, where Milk Mantra’s brand, ‘Milky Moo’, has established a strong foothold, the company said in a stock exchange filing. The acquisition will be completed through a series of Share Purchase Agreements (SPAs) and other transaction documents with Milk Mantra’s existing promoters and shareholders. Post acquisition, Milk Mantra will become a wholly-owned subsidiary of HAP. Milk Mantra has raised nearly $35 million from the likes of Aavishkaar Venture Capital, Fidelity Growth Partners, Neev Fund, Eight Roads Ventures and US-based DFC. Established in 2009, Milk Mantra provides a range of products including milk, curd, cottage cheese, buttermilk, and cattle feed, among others. This acquisition seems to be a slump sale, given that Milk Mantra reported an operating revenue of Rs 276.42 crore in FY24, while the acquisition cost is Rs 233 crore. The Bhubaneshwar-based company also recorded a profit of Rs 9.78 crore in the last fiscal year. However, its revenue has remained nearly stagnant over the past three fiscal years. Milky Mist, a well-established company, reported revenue of Rs 1,907.21 crore in FY24, positioning itself as one of the leading players in the D2C dairy brand sector. According to media reports, Milky Mist is also planning an initial public offering (IPO) this year, aiming to raise approximately Rs 2,000 crores through the listing. Milk Mantra also faces competition from new age companies like Country Delight, Akshayakalpa, and Sid’s Farm. ‘Grow or die’ seems to be the mantra that sank Milk Mantra, as its inability to break out of the rut saw it sold for a valuation that is less than 1x sales, despite profitability to boot. It also indicates a high share of liquid milk in the portfolio, where margins again are severely limited till the time you try a stunt like A2 milk or other options and get away with it long enough. For the publicly listed, Chennai-based Hatsun, the acquisition would seem to be a decently valued fit for its portfolio, improving its footprint significantly at an acceptable cost. Which explains the little movement in the stock price post announcement as well.

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