Gurugram headquartered Beejapuri Dairy, which operates direct-to-consumer essentials brand Country Delight, has raised $25 million (Rs 185.3 crore according to current exchange rates) in a Series C round of funding led by Elevation Capital.
Asset management firm IIFL AMC also participated in the round through its schemes, according to a statement. Other investors included Matrix Partners and Orios Venture Partners.
The company will use the capital to add other essential categories to its list of products such as fruits and vegetables, edible oils, other processed food and grocery staples. The products will be launched under the umbrella brand of Country Delight sold through the eponymous platform which operates on a daily subscription model.
Founded in 2015 by Chakradhar Gade and Nitin Kaushal, Country Delight supplies essentials using its proprietary distribution network from farms within a radius of 150 to 200 kilometres.
“Direct customer connect gives us a very strong feedback loop and helps us iterate towards near-perfect products. Tech plays a very big role in building quality traceability and supply chain at scale - all of this while staying very capital efficient. We want to give our customers the best quality products, at the lowest possible price & directly to their doorstep,” Chakradhar Gade, cofounder at Country Delight said in the statement.
The company claims to serve 1.5 lakh households across key cities including NCR, Pune, Mumbai and Bengaluru. The statement said that the company provides an internet of things (IoT) enabled system for complete traceability of products.
“We have been thoroughly impressed by the evolution of the team's vision over time, bottoms-up thinking, customer obsession and focus on capital efficient growth. The company has a truly unique business model and is one of the few consumer businesses in India with phenomenal retention metrics,” Deepak Gaur, partner at Elevation Capital said.
Previously called SAIF Partners, the fund rebranded to Elevation Capital earlier this year with the close of its $400 million SAIF Partners India VII fund.
Investor interest in direct to consumer brands across multiple segments has been at its peak with cosmetics brand Sugar, online first healthy snack brand Snackible, personal care brand MamaEarth raising capital this year, to name a few.