India’s dairy brand Country Delight has raised Rs 200 crore ($23.8 million) in venture debt from Alteria Capital, in its second round of funding in 2024.
The company will use the funds to fuel its expansion, increase capacity, and drive brand marketing efforts, it said in a statement.
Country Delight had raised $20 million in a Series E round in January this year. In May 2022, the firm had raised $108 million in a Series D financing led by Venturi Partners and Temasek, with participation from SWC Global and Trifecta Capital.
Other investors in the firm include IIFL Asset Management, Elevation Capital, Orios Venture Partners and Matrix Partners.
Founded in 2013, Country Delight is a D2C brand that delivers fresh food essentials such as dairy, fruit, and vegetables to consumers’ doorstep. It promises fresh farm-to-home deliveries within 24-36 hours from sourcing, serving nearly 1.5 million users across 15 cities in India.
Alteria Capital Partners, started in 2017 by Vinod Murali and Ajay Hattangdi, claims to have an AUM of Rs 4,350 crore across three funds, and has backed startups like Rebel Foods, Spinny, Mensa Brands, Dealshare, Good Glamm Group, Infra.market, Cars24, Niyo, EarlySalary, Zepto, Toppr, Stanza, Wizfreight, Melorra, Curefoods, Wow Sciences, and Ayu Health.
Earlier this year, World Bank Group member International Finance Corporation (IFC) said it is considering an investment of up to $12 million in the third debt fund of Alteria Capital—Alteria Capital Fund III – Shorter Duration Scheme, which seeks to provide short-term secured debt to venture capital-backed startups in India.
