Meat delivery and D2C start-up Licious on Tuesday announced a $150-million funding round led by Singapore-based Amansa Capital, along with participation from Kotak PE and Axis Growth Avenues.
Existing investors also participated in the round, which include prominent angel investors like Nithin and Nikhil Kamath of Zerodha, BoAt’s Aman Gupta and Haresh Chawla, partner, True North.
The current round comes just six months after the company became the first D2C (direct-to-consumer) unicorn in the country when it last raised $52 million in October 2021. Additionally, in July 2021, Licious raised $192 million in a Series F funding round, led by Temasek and Multiples Equity, making it one of the highest-funded companies in the meat delivery category. To date, the start-up has raised around $530 million in funding, excluding the current round.
The funds raised through Series F2 will be utilised for investment in technology that will help category development and improve the overall customer experience. The company will also use the funds to invest in strategic acquisitions and to widen its brand reach.
“Today, Licious is the highest valued D2C start-up in India. This valuation is a direct outcome of the value that we have created for our stakeholders. The growing interest of investors — from India and abroad alike is an added assurance that obsession with customers, quality and service standards are the pillars of the best businesses,” Vivek Gupta & Abhay Hanjura, co-founders, Licious, said in a joint statement.
Founded in 2015 by Abhay Hanjura, Varun Sadana and Vivek Gupta, Licious is a D2C brand that sells a range of meat and processed meat products across raw fresh meat, seafood, marinades and ready-to-eat categories. The market, which is estimated at $40 billion today, currently is largely led by offline organised meat brands and several unorganised shops as well. However, with the advent of hyperlocal deliveries, Licious was one of the brands to start home delivering food using a mobile app.
Built on the farm-to-fork business model, Licious controls the entire back-end supply chain powered by stringent cold chain control to maintain the quality and freshness of each product from the time of procurement till it reaches the end consumer.
In the last six years, Licious has witnessed a 300% growth and has served over 3 million packs of world-class meat products to consumers across 17 Indian cities. Licious also said in a statement that it currently serves over 2 million orders every month with over 90% repeat consumption across markets.
“We are excited to partner with Licious. Due to Licious’ focus on quality and strong execution, its successfully creating a habituated and loyal customer base. We believe under the leadership of Abhay and Vivek, Licious is best positioned to serve the fresh meat and seafood need of India. We are excited to partner with Licious on this journey,” S Sriniwasan, MD, Kotak Investment Advisors, said.