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Country Delight’s parent has begun early-stage preparations for an initial public offering (IPO) in India that could raise $200-300 million, as the subscription-based dairy and fresh-produce delivery platform weighs a listing within the next 12-18 months, according to two people familiar with the matter. Beejapuri Dairy Pvt. Ltd. will begin informal pitches to investment bankers over the next seven to 10 days to select lead managers for the proposed share sale, one of the people said. The proposed IPO is expected to comprise a combination of fresh equity and an offer-for-sale by existing institutional shareholders, the second person said. The final transaction size, primary-secondary split and timing will depend on board approval and equity-market conditions, this person added. The people added that Country Delight is also evaluating a potential pre-IPO fundraise to establish a valuation benchmark before filing its draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (Sebi). Both asked not to be identified as the details are private. An email sent to Country Delight on 28 August did not elicit a response until press time. From milk to quick commerce Started in 2015 by Indian Institute of Management Indore graduates Chakradhar Gade and Nitin Kaushal, Country Delight operates a direct-to-consumer supply chain for perishable food items. The Gurugram-headquartered company sources milk, dairy products, fruits and vegetables directly from farmers and processing facilities and delivers them to urban households through an integrated supply network. The company currently operates in major metropolitan markets including Delhi-NCR, Mumbai, Bengaluru, Pune, Hyderabad and Chennai. Customers place or modify subscription orders through its mobile app before midnight for early-morning delivery. Country Delight has also expanded beyond its core subscription model. In late 2024, it entered quick commerce through a Gurugram pilot offering 10-15-minute deliveries, putting it in competition with Eternal Ltd’s Blinkit, Swiggy Ltd’s Instamart and Zepto Ltd. The company raised ₹65 crore in debt from Alteria Capital in May this year, with the funds earmarked for general corporate purposes. In March 2025, it had raised ₹200 crore (around $25 million) in equity from Singapore state investor Temasek Holdings Pte. An Entrackr report said the round valued Country Delight at $820 million, unchanged from its previous valuation, and that Temasek had become its largest external investor with around 13% stake. Other investors include Venturi Partners, Orios Venture Partners, Matrix Partners, IIFL Asset Management and Elevation Capital. Mint had reported in April 2025 that Country Delight was seeking to raise up to $100 million, with some existing investors looking to sell their stakes to incoming investors. The IPO preparations come amid a pickup in listing activity among Indian technology and consumer businesses, with public-market investors placing greater emphasis on positive unit economics and operating discipline alongside revenue growth. Country Delight competes with established dairy brands and newer food companies. Milkymist, which recently went public, saw its IPO oversubscribed, with selective participation from foreign investors. Epigamia, a smaller dairy brand, saw long-time investor Verlinvest and the founder family increase their holdings alongside new investor Sauce through a secondary transaction earlier this month. Organic dairy startup Akshayakalpa Organic, meanwhile, raised ₹175 crore in a Series D round led by ABC Impact Fund, with participation from existing investors in March, according to another Entrackr report. In fiscal year 2024 (FY24), Country Delight reported revenue of ₹1,380 crore, up 46% from the previous year, according to a report by the ARC. The growth was driven mainly by an increase in subscribers and sales of non-dairy products such as fruits, vegetables, eggs and pulses, the report said.
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