Mumbai, Aug. 31 -- 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, said two people familiar with the matter. Beejapuri Dairy Pvt. Ltd. will begin informal pitches to investment bankers over the next 7-10 days to select lead managers for the proposed IPO, one of the people said. The IPO is likely to comprise a combination of fresh equity and an offer for sale by existing institutional shareholders, a second person said. The final issue size, primary-secondary split and timing will depend on the board's approval and stock market conditions, this person added. They said 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 refused to be identified as the details are private. An email query to Country Delight on 28 August did not elicit a response till press time. Started in 2015 by Indian Institute of Management (IIM) Indore graduates Chakradhar Gade and Nitin Kaushal, the firm operates a direct-to-consumer supply chain for perishable food. The Gurugram-headquartered company sources milk, dairy products, fruits and vegetables directly from farmers and processing facilities and delivers them to urban households via an integrated supply network. Country Delight currently operates across metropolitan Delhi-NCR, Mumbai, Bengaluru, Pune, Hyderabad and Chennai. Users 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 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 Rs.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 Rs.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....