Country Delight wants to raise $200-300M via IPO in India
What's the story
Country Delight, a leading subscription-based dairy and fresh-produce delivery platform, is gearing up for an initial public offering (IPO) in India. The company hopes to raise between $200 million and $300 million through this move, as per Mint. Beejapuri Dairy Pvt. Ltd, the parent company of Country Delight, will soon start informal discussions with investment bankers to appoint lead managers for the proposed share sale.
Strategic planning
Country Delight may conduct pre-IPO funding round
The upcoming IPO is likely to be a mix of fresh equity and an offer-for-sale by existing institutional shareholders.
However, the final size, primary-secondary split, and timing will depend on board approval and equity-market conditions.
Country Delight is also considering a pre-IPO fundraising round to set a valuation benchmark before filing its draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI).
Operational details
Direct-to-consumer supply chain for perishable products
Founded in 2015 by IIM Indore graduates Chakradhar Gade and Nitin Kaushal, Country Delight runs a direct-to-consumer supply chain for perishable items.
The Gurugram-based firm sources milk, dairy products, fruits, and vegetables directly from farmers and processing units. It then delivers them to urban households through an integrated supply network.
The company currently operates in major metropolitan markets such as Delhi-NCR, Mumbai, Bengaluru, Pune, Hyderabad, Chennai, among others.
Growth trajectory
Quick commerce pilot and debt funding
Country Delight has also expanded beyond its core subscription model. In late 2024, it entered quick commerce with a Gurugram pilot offering 10-15-minute deliveries.
The company raised ₹65 crore in debt from Alteria Capital in May this year for general corporate purposes.
In March 2025, it raised ₹200 crore (around $25 million) in equity from Temasek Holdings, Singapore's state investor.
Revenue growth
Financial performance and market conditions
In FY24, Country Delight reported a revenue of ₹1,380 crore, a 46% increase from the previous year.
This growth was mainly driven by an increase in subscribers and sales of non-dairy products such as fruits, vegetables, eggs, pulses.
The company's IPO preparations come at a time when Indian tech and consumer businesses are witnessing increased listing activity, with public-market investors focusing more on positive unit economics, operating discipline, along with revenue growth.