Dairy and daily essentials brand Country Delight has secured around $25 million in its Series E round, while Jindal Stainless has acquired a 9.62% stake in M1xchange. Separately, early-stage investor 2 am VC has launched its second vehicle.
Country Delight bags $25m Series E
Gurugram-based direct-to-home food essentials brand Country Delight has reportedly secured around $25 million in its Series E round from Temasek. The capital will be used for the company’s working capital needs.
Last year, the company raised $20 million in a pre-Series E round and received Rs 200 crore in debt from Alteria Capital.
In May 2022, the firm raised $108 million in a Series D financing led by Venturi Partners and Temasek, with participation from SWC Global and Trifecta Capital.
Established by Chakradhar Gade and Nitin Kaushal, the company provides dairy products, bakery goods, poultry, fruits & vegetables to its customers. It is currently available in more than 15 Indian cities.
Jindal Stainless buys 9.6% stake in M1xchange
Stainless-steel maker Jindal Stainless, along with its wholly owned subsidiary Jindal Stainless Steelway Limited, acquired a 9.62% stake in M1xchange, an RBI-licensed Trade Receivables Discounting System (TReDS) platform.
The deal is a mix of primary capital and secondary purchase of shares from existing shareholders. The deal will help vendors and customers gain faster access to affordable credit and help Jindal Stainless digitise the financing operations, simplify payment processes, and enhance operational efficiency across the supply chain structure.
This will also help M1xchange enable access to working capital for MSMEs and corporates.
2 am VC launches second fund
Early-stage investor 2 am VC has launched its second fund, which is reportedly looking to raise a target corpus of $25 million.
2am VC Fund II plans to invest in up to 30 Indian startups at the pre-seed to seed stage. The fund will invest in consumer tech, fintech, food & beverage, AI, and global SaaS. Around 60% of the fund will be committed to initial investments, with the remaining sum allocated for follow-on investments.
The venture capital firm closed its first fund at $10 million in 2021 and has invested in 47 companies, including NEWME, Apna Mart, Bimaplan, and Karbon Card, among others.
