Country Delight targets a $200m-$300m IPO
The proposed transaction is expected to combine newly issued shares with an offer for sale by existing institutional investors. Its final size, structure and timetable have not been fixed; they will depend on approval from the company’s board and conditions in India’s equity market.
Country Delight is also considering a pre-IPO financing round. Such a deal could provide a valuation reference before Beejapuri Dairy files a Draft Red Herring Prospectus with the Securities and Exchange Board of India. The company’s possible listing comes as Indian consumer and technology businesses seek access to public markets, where investors are examining revenue growth alongside unit economics, profitability prospects, operating efficiency and customer-acquisition costs.
Founded in 2015 by Chakradhar Gade and Nitin Kaushal, both graduates of IIM Indore, Country Delight operates a subscription and direct-to-consumer food business. It buys milk and other dairy products from farmers and processing facilities, then supplies households through its own distribution network. The range now includes fruit, vegetables, eggs, pulses and other fresh groceries in addition to milk and dairy items.
The company serves urban customers in markets including Delhi-NCR, Mumbai, Bengaluru, Pune, Hyderabad and Chennai. Its FY24 revenue was ₹1,380 crore, up 46% from the previous year. The company attributed the increase to subscriber growth and higher sales in non-dairy categories, which have become a larger part of its business.
Country Delight tested another delivery model in late 2024, when it began a quick-commerce pilot in Gurugram offering delivery in roughly 10 to 15 minutes. In March 2025 it raised about ₹200 crore in equity from Temasek Holdings, Singapore’s state investment company. In May 2026 it secured ₹65 crore of debt from Alteria Capital for general corporate purposes.
The company’s stated business categories include milk, dairy products, fruit, vegetables, eggs and pulses. Its proposed share sale would be the latest potential public-market listing from India’s dairy-technology and digitally enabled food sector. Before any offering proceeds, Beejapuri Dairy is expected to continue discussions with investment banks and assess whether to pursue the pre-IPO financing.
