India’s subscription-based dairy platform explores public markets amid rising consumer demand and expanding operations
Country Delight, one of India’s prominent subscription-based dairy and fresh-produce delivery platforms, is preparing for a potential initial public offering (IPO), marking a significant step in the company’s growth journey.
The Gurugram-based company is targeting a fundraising of approximately US$200 million to US$300 million through the proposed IPO, according to reports citing Mint. Its parent company, Beejapuri Dairy Pvt. Ltd., is expected to begin informal discussions with investment banks to identify potential lead managers for the share sale.
The proposed IPO is expected to combine fresh equity issuance and an offer-for-sale (OFS) by existing institutional investors. However, the final issue size, structure and timing will depend on board approval and prevailing equity-market conditions.
Pre-IPO funding could establish valuation benchmark
Country Delight is also evaluating a potential pre-IPO funding round. Such a transaction could help establish a valuation benchmark ahead of the company filing its Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI).
The potential fundraising comes as Indian consumer and technology businesses increasingly turn toward public markets. Investors have become more focused not only on rapid revenue growth but also on unit economics, profitability prospects, operational efficiency and sustainable customer acquisition.
For Country Delight, demonstrating the strength of its subscription model and its ability to expand beyond milk will likely be important considerations as it moves toward a potential listing.
Direct-to-consumer model powers expansion
Founded in 2015 by IIM Indore graduates Chakradhar Gade and Nitin Kaushal, Country Delight has developed a direct-to-consumer supply chain focused on perishable food products.
The company sources milk and other dairy products from farmers and processing facilities before delivering them directly to households through its integrated distribution network.
Its product portfolio has expanded beyond traditional milk subscriptions to include fruits, vegetables, eggs, pulses and other fresh products. This diversification has helped Country Delight increase its share of customers’ household grocery spending while reducing its dependence on a single product category.
The company currently serves customers across major Indian urban markets, including Delhi-NCR, Mumbai, Bengaluru, Pune, Hyderabad and Chennai, among others.
| Key Indicator | Details |
|---|---|
| Founded | 2015 |
| Founders | Chakradhar Gade & Nitin Kaushal |
| Parent Company | Beejapuri Dairy Pvt. Ltd. |
| Proposed IPO Size | US$200–300 million |
| FY24 Revenue | ₹1,380 crore |
| FY24 Revenue Growth | 46% year-on-year |
| May 2026 Debt Funding | ₹65 crore |
| March 2025 Equity Funding | ₹200 crore |
| Business Model | Subscription + Direct-to-Consumer |
| Key Categories | Milk, dairy, fruits, vegetables, eggs, pulses |
Quick commerce adds another growth channel
Country Delight has also experimented with business models outside its traditional subscription offering. In late 2024, the company entered the quick-commerce segment through a pilot in Gurugram, offering deliveries within approximately 10–15 minutes.
The move reflects the increasing convergence between traditional grocery delivery, subscription commerce and quick commerce in India’s urban food market.
The company has also continued to raise capital to support its operations. In May 2026, Country Delight reportedly secured ₹65 crore in debt from Alteria Capital for general corporate purposes.
Earlier, in March 2025, the company raised approximately ₹200 crore in equity from Temasek Holdings, Singapore’s state investment company.
Revenue rises as non-dairy categories expand
Country Delight reported ₹1,380 crore in revenue in FY24, representing a 46% increase compared with the previous year.
The growth was supported by an increase in subscribers as well as stronger sales of non-dairy products. Fruits, vegetables, eggs and pulses have become increasingly important to the company’s overall growth strategy.
This diversification gives Country Delight an opportunity to increase the frequency and value of customer purchases while leveraging its existing last-mile delivery infrastructure.
IPO could mark a new phase for India’s dairy-tech sector
Country Delight’s potential IPO comes at an important time for India’s consumer and technology ecosystem. Public-market investors are increasingly evaluating companies on their ability to demonstrate sustainable growth, efficient operations and strong unit economics.
For Country Delight, a successful public offering could provide additional capital for geographic expansion, supply-chain infrastructure, technology investments and product diversification.
The proposed listing would also represent a notable milestone for India’s evolving dairy-tech and direct-to-consumer food sector, where companies are increasingly combining traditional agricultural supply chains with digital subscriptions and technology-enabled distribution.
As Country Delight moves toward discussions with investment bankers and potentially a pre-IPO funding round, the company’s ability to maintain growth while improving operational discipline will be closely watched by prospective public-market investors.