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.
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.
Agnidev is a business journalist with over two years of reporting experience tracking the intersection of capital, policy, and corporate strategy in India.<br><br>He joined Mint in December 2025, after a stint at NDTV Profit (erstwhile BQ Prime). At Mint, Agnidev focuses on the high-stakes world of the Indian capital market, specialising in mergers and acquisitions, burgeoning IPOs, and the investment banking industry.<br><br>Backed by a rigorous, data-driven approach, Agnidev frequently breaks news on the valuation cycles, deal pipelines and listing strategies of India’s most prominent companies. His reportage offers deep dives into the operational health of market leaders across the corporate landscape, providing readers with a clear-eyed view of institutional growth.<br><br>He has reported on major issues like India's derivatives frenzy, IPO froth, the competitive quick commerce industry, the real-money gaming ban, and has broken investigative stories related to scandals such as IndusInd Bank's accounting manipulation and the Gensol-BluSmart fiasco.<br><br>As a reporter, he brings stories that ultimately affect your stock market investments, and tries to bring clarity and brevity in a field that is often filled with jargon and noise.
Priyamvada is a Mumbai-based business journalist at Mint. She writes about the public and private markets with a key focus on venture capital, private equity, M&As and private credit. Her coverage also spans startups and emerging businesses.<br><br>Over the last two years, she has uncovered some of the largest deals and interviewed important decision-makers from India’s investment ecosystem. She likes to dabble across different formats like long forms and explainers. Her work has been consistently displayed on the publication's deals page, and she has also written multiple front-page stories.<br><br>Prior to joining Mint in 2024, she worked out of Reuters’ Bengaluru bureau where she extensively covered the travel, transportation, and logistics industries. Across both her stints, Priyamvada has displayed rigour for breaking news and analyzing interesting data-driven trends. She holds a postgraduate diploma from the Asian College of Journalism's Bloomberg programme. In her free time, she enjoys reading books and trying out different cuisines. She is keen to delve deeper into the various sectors she covers and is always up for a chat. You can reach out to her at priyamvada.c@livemint.com.
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