The firm, founded in 2015, had raised $10 million in Series B funding round in March last year.
Meat and seafood brand Licious has raised $25 million (over Rs 180 crore) in its latest investment round led by Bertelsmann India Investments and Temasek-backed VertexVentures Southeast Asia and India. The round also saw participation by UCLA along with existing investors Mayfield India, 3one4 Capital, Sistema Asia Fund and InnoVen Capital.
With this the total capital raised by the firm stands at over $39 million so far. Licious did not disclose the valuation for the round but sources aware of the deal dynamics peg Licious to be valued between $70-80 million after this round.
Licious which is currently present across Delhi NCR, Bengaluru and Hyderabad will use a part of the capital to expand its footprint and expand operations to Mumbai and Pune too.
“To be able to build a transformational, category leading food brand in one of the most complex and underserved sectors requires conviction and innovation at a fundamental level. These funds will greatly aid us in deepening and widening our market presence and enable us to offer new products and services our customers will love,” said Abhay Hanjura and Vivek Gupta, co-founders of Licious in a statement.
Founded in 2015, Licious is a farm to fork business which provides end-to-end services including procuring the fresh meat to processing, storage and delivery of the meat by owning the entire back-end supply chain including cold storage.
Licious currently sells red meat and poultry including chicken, goat, lamb as also varieties of fish and seafood. The firm also sells exotic meat varieties such as turkeys, quails and Atlantic salmons amongst others.
A large part of the capital raised will be also be used to widen this product category as also strengthen the supply chain.
“Direct-to-consumer fresh food start-ups are re-defining how India produces, distributes and buys food. Licious with their robust supply chain and seamless farm to fork model, addresses some of the biggest challenges faced by the consumer when it comes to their purchase experience and quality of product,” said Pankaj Makkar, Managing Director, Bertelsmann India Investments.
Licious processes over 6,000 orders per day and clocks revenues north of Rs 5.5 crore per month. The firm claims to clock a customer repeat rate of 90% each month with over 300,000 customers that it caters to.