Delhi NCR-based Country Delight saw revenue of INR 650 Cr in the first half of the ongoing financial year, with the dairy tech startup expecting to sustain this rate for the full year.
According to sources citing financial data provided by the startup to its primary investors, Country Delight aims to achieve EBITDA breakeven by the end of the first half of 2025.
It’s important to mention that Country Delight has not yet submitted its audited financial statements for FY23 to the Ministry of Corporate Affairs.
Sources added that its operating revenue in FY23 reached approximately INR 900 Cr, marking a 66% increase from FY22’s INR 542.6 Cr.
However, it couldn’t be determined what Country Delight’s net loss/profit figure was for FY23. The startup witnessed its net loss surge by over 6.5 times, reaching INR 186.4 Cr in FY22 from INR 28.2 Cr in the preceding fiscal year.
Continue Exploring: Country Delight to secure $20 Million funding in bridge round, sets sights on $758 Million valuation
In September of last year, Country Delight’s co-founder, Chakradhar Gade, expressed that the startup aimed to achieve profitability within the subsequent 8-10 months.
According to sources, Country Delight had approximately INR 400 Cr in cash reserves at the end of Q2 FY24.
A questionnaire sent to the startup requesting clarification on its FY23 and H1 FY24 figures, as well as its cash reserves, did not receive any response by the time this story was published.
It is worth noting that earlier this year, it was reported that the startup had raised $20 Mn from its existing investors, including Temasek, Venturi Partners, and others.
Earlier this month, Orios Venture Partners, one of Country Delight’s earliest supporters, achieved a 45X return during its partial exit.
Continue Exploring: Orios Venture Partners nets 45X ROI with Country Delight partial exit
Established in 2013 by Chakradhar Gade and Nitin Kaushal, Country Delight operates on a subscription-based model. It procures milk directly from farmers and offers doorstep delivery to customers. Additionally, it provides a range of products including bread, ghee, other dairy items, as well as fruits and vegetables.
Earlier, Gade also mentioned that the startup plans to sell kitchen products such as wheat, batters, jams, oil, and pickles, among others. However, it is yet to launch these products.
Besides major traditional players such as Mother Dairy, Nandini, and Amul, Country Delight competes with new-age players such as Odisha-based Milk Mantra and Reliance-acquired Milk Basket.
