SAIF Partners in talks to back Country Delight at Rs 1,000 crore valuation
Published on 22nd August, 2020 | 1 min read
SAIF Partners, one of India’s leading venture capital firms, is in advanced talks to lead a Rs 100-crore round in direct-to-consumer milk startup Country Delight, sources have told Moneycontrol. The round will value Country Delight at Rs 1,000 crore, up from the Rs 600 crore it was valued at in February 2019. SAIF Partners and Country Delight did not respond to Moneycontrol’s emails seeking comment. The Delhi-NCR-based, which delivers in Pune, Mumbai, NCR and Bengaluru, has a revenue of about Rs 30 crore and an EBITDA of Rs 3 crore per month, indicating it is close to profitability. Country Delight is also the only venture-backed player in the D2C milk brand market. Country Delight competes with Parag Milk Foods Ltd, a listed stock whose brand Pride of Cows runs a similar premium subscription-based delivery model. For the quarter ended March 31, 2020, Parag Milk Foods reported a net profit of Rs 8.5 crore, on an operating income of Rs 524 crore, less than Rs 26.8 crore profit on an income of Rs 623 crore for the December 2019 quarter.
