Country Delight Investors Push to Dilute Orios Stake

Existing backers plan to buy part of Orios Venture Partners' stake during a larger fundraising

- Priyamvada C & Sneha Shah

Country Delight's existing investors are looking to buy a part of Orios Venture Partners' eight-year-old stake in the company as the direct-to-consumer fresh food brand prepares for a larger fundraise, three people in the know told Mint.

"The company is also scouting for a new investor to put in fresh capital as a part of a $150 million funding round that will be a mix of primary and secondary capital," one of the people said.

"All existing investors are expected to infuse a proportionate amount of capital to buy Orios's stake in the company," the second person said, adding that details around the valuation were yet to be determined.

"The exit is likely to help the investment firm show some liquidity and distribute capital to its limited partners," the people cited above said.

Though Orios is looking for an exit, it will only be able to sell a partial stake in this round, said a third person involved with the deal. "Eventually, when the company gets to an IPO, the cap table will be cleaner. Orios will sell more through the IPO."