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Exclusive: Country Delight Posts INR 650 Cr Sales In H1 FY24
Inc42
·
1y ago
Medial
Delhi NCR-based startup Country Delight has reported a revenue of INR 650 Cr ($87 Mn) for the first half of the current financial year. The company expects to maintain this revenue rate for the entire year. The dairy tech startup aims to achieve EBITDA breakeven by the end of H1 2025, according to sources. Country Delight's operating revenue for FY23 was approximately INR 900 Cr, showing a 66% increase from the previous fiscal year. The company's net loss in FY22 was INR 186.4 Cr, up from INR 28.2 Cr in the previous year. Country Delight offers a subscription-based model, delivering milk and other dairy products to customers' doorsteps.
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Country Delight posts Rs 543 Cr revenue in FY22, losses surge 6.6X
Entrackr
·
1y ago
Medial
Country Delight, a D2C dairy brand, experienced a 70% growth in revenue to surpass Rs 500 crore in FY22. However, losses surged 6.6X during the same period. The company's revenue from operations reached Rs 543 crore, with fresh milk sales forming 67.8%. High procurement and advertising costs led to increased losses of Rs 186 crore. Country Delight aims to be profitable by FY24 by expanding its non-milk offerings and rationalizing costs.
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Yudiz Posts INR 2.9 Cr Loss In FY24, Revenue Tanks In H2
Inc42
·
1y ago
Medial
Yudiz Solutions reported a net profit of INR 1.33 crore in the first half of FY24, but recorded a loss of INR 4.2 crore in the second half. The company's operating revenue declined to INR 10.3 crore in H2 FY24 from INR 15.9 crore in H1 FY24, representing a year-on-year decrease of 37.2%. In FY23, Yudiz achieved a net profit of INR 2.7 crore on an operating revenue of INR 27.3 crore.
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Exclusive: Alteria infuses Rs 70 Cr debt in Country Delight
Entrackr
·
1y ago
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.
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Exclusive: Country Delight raises $9 Mn through debt and equity
Entrackr
·
1y ago
Medial
Dairy brand Country Delight has raised Rs 76 crore ($9 million) through debt and equity from Alteria Capital. This is the second funding for the Gurugram-based company this year. The board at Country Delight has passed a special resolution to issue 70,000 debentures at an issue price of Rs 1,00,000 each and 3,160 Series E1 CCPS at an issue price of Rs 21,045 each to raise Rs 76.65 crore, its regulatory filing accessed from RoC shows. In January, Country Delight raised 20 million in its series E round from Temasek, Seviora Capital, Venturi Partners, and others. The company is close to becoming a unicorn as it was valued at around $820 million in the last equity round. It has raised around $175 million to date. Launched by Chakradhar 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 customers in 15 cities including Delhi (NCR), Mumbai, Bengaluru, Jaipur, Chennai, and Pune. As per startup data intelligence platform TheKredible, Orios Venture Partners was the largest stakeholder in Country Delight with 21.35% stake followed by Matrix and Elevation with 16.59% and 9.38% stake respectively. In February, Orios Venture Partners made a partial exit from Country Delight by selling 3% stake for around Rs 225 crore. Orios sold its stake to Temasek-backed asset management group Seviora. As per media report, Country Delight’s operating revenue stood at Rs 650 crore in the first half of the ongoing financial year (FY24). In FY23, its revenue was estimated at around Rs 900 crore against Rs 542.6 crore in FY22. The firm is yet to report FY23 numbers officially. In January, Country Delight’s competitor Akshayakalpa Organic raised $12 million in its Series C round led by A91 Partners. The firm is in talks to close a larger round to the tune of $25 million.
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Milk Mantra posts INR 12.3 Cr loss in FY23 as sales remain flat
Inc42
·
1y ago
Medial
Bhubaneswar-based dairy tech startup Milk Mantra reported a net loss of INR 12.3 Cr in FY23, slipping into the red after two profitable years. Operating revenue remained flat at INR 272.9 Cr, indicating challenges in scaling up the business. The company's expenditure increased by 13% to INR 289.4 Cr, with the highest amount spent on procurement. Milk Mantra sells packaged milk, curd, paneer, lassi, mishti dahi, and flavoured milkshakes under the brands Milky Moo and Moo Shake. It competes with startups like Country Delight and Stellapps, as well as dairy giants like Amul and Mother Dairy.
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Country Delight Closes INR 200 Cr Debt Round From Alteria Capital
Inc42
·
9m ago
Medial
Country Delight, a startup that delivers milk and other daily essentials directly to consumers, has raised INR 200 crore ($26.3 million) in debt funding. The funding round, led by Alteria Capital, will be used to expand the company's operations, increase capacity, and support marketing efforts. Country Delight had previously raised INR 70 crore ($9.2 million) from Alteria Capital in August 2020. Since its establishment in 2015, the company has been focused on providing high-quality dairy products and other essentials to customers.
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CarTrade Posts INR 23.55 Cr Loss In Q3, Including OLX Auto Business
Inc42
·
1y ago
Medial
CarTrade Technologies, the online classifieds and auto auction platform, reported a net loss of INR 23.5 Cr in Q3 FY24, mainly due to the loss in the auto sales division of OLX business that it shut down during the quarter. However, excluding the discontinued operations, CarTrade posted a net profit of INR 21.96 Cr. Its operating revenue increased by over 42% to INR 138.6 Cr in Q3 FY24. CarTrade received an average of 70 million monthly unique visitors, with more than 90% being organic.
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Country Delight raises Rs 200 Cr in debt from Alteria
Entrackr
·
9m ago
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.
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Country Delight To Become Profitable In The Next 8-10 Months: Cofounder Chakradhar Gade
Startup News FYI
·
1y ago
Medial
Indian dairy tech startup Country Delight, which provides fresh dairy products to subscribers in 15 cities, plans to achieve profitability within the next 8-10 months. Despite a 1.6x year-on-year increase in revenue to INR 542.6 crore (approximately $72.9 million) in FY22, the company reported a 6.5x year-on-year increase in net loss to INR 186.4 crore (approximately $25 million) due to rising expenses. Country Delight focuses on delivering high-quality products, building customer loyalty, and improving customers' lives.
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Exclusive: KreditBee’s NBFC arm posts Rs 200 Cr profit in FY24
Entrackr
·
10m ago
Medial
KreditBee’s non-banking financial corporation (NBFC) arm, Krazybee, demonstrated notable growth in the fiscal year ending March 2024 (FY24), nearly doubling its revenue and tripling its profit. Krazybee’s revenues rose to Rs 1,399 crore in FY24 from Rs 717 crore in FY23, according to its standalone annual financial statement sourced by Entrackr. Krazybee, which facilitates personal loans through both its own and third-party NBFCs and banks, saw its interest income surge 2.5X to Rs 1,225.83 crore in FY24. Income from fees and commissions contributed an additional Rs 169 crore, bringing the firm’s total revenue to Rs 1,400 crore in FY24. On the expense side, Krazybee’s total expenses spiked by 80%, rising to Rs 1,132 crore in FY24 from Rs 630 crore in FY23. The amortized cost of loans accounted for 38% of the total expenses, increasing by 74% to Rs 432 crore. Finance costs grew by 43% to Rs 235 crore in the same period. One of the most notable expense shifts was the five-fold increase in employee benefit costs, which jumped to Rs 188 crore in FY24. In contrast, commissions and fees paid to other platforms saw a 24% decline. The 95% jump in scale and controlled expenditure helped Krazybee to multiply its profit by 3X to Rs 200 crore in FY24 from Rs 65 crore in FY23. The company’s Return on Capital Employed (ROCE) improved to 10.5%, while its EBITDA margin stood at 36%. On a unit level, Krazybee NBFC spent Rs 0.81 to earn a rupee of operating revenue in FY24. KreditBee has raised approximately $410 million across various funding rounds. According to startup data platform TheKredible, Premji Invest and Newquest Capital are the largest external stakeholders, followed by Alpine Capital, Motilal Oswal Group, and others. fy_table title =”FY23-FY24″ logo=”https://entrackr.com/storage/2024/09/Krazybee.png” chart_item=”FY23,FY24″ data=”EBITDA Margin,35%,36%:Expense/₹ of Op Revenue,₹0.88,₹0.81:ROCE,9%,10.5%”] KreditBee was valued at around $700 million during its latest tranche in March. The company is also planning to shift its domicile to India from Singapore. The reverse flip will smoothen it’s road to initial public offering (IPO). Entrackr exclusively reported the development in April.
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