Fresh Meat & Seafood Brand Licious raises $1.05 billion led by IIFL's Late Stage Tech Fund and Avendus
Licious, a direct-to-consumer fresh meat and seafood brand, has secured $52 million in its Series G round, which was headed by IIFL's Late Stage Tech Fund and Avendus. The company now has a post-money valuation of $1.05 billion, making it the newest member of the coveted unicorn club of companies with a valuation of more than a billion dollars.
“We will use these funds to grow our offline business, further our ready to eat product portfolio and for our geographic expansion,” says, Vivek Gupta, cofounder, Licious.
The company raised $192 million in its Series F round in July, valued at $650 million and headed by the Singapore government's investment company Temasek and Multiples Private Equity. Brunei Investment Agency, 3one4 Capital, Bertelsmann India Investments, Vertex Growth Fund, and Vertex Ventures Southeast Asia and India are among the funds that have invested in it.
“We will opportunistically look at growing inorganically by acquiring smaller businesses in the ancillary segments and business areas,” Gupta added.
The company's current revenue run rate, according to Gupta, is Rs 1,000 crore. “We plan to conclude the financial year around Rs 1,500 crore, having increased by roughly 60% since our previous fundraise. The D2C market in India is at an inflection point, according to the business, and is predicted to reach a size of more than 100 billion dollars by 2025. The pandemic has had a significant impact on the sector's growth.
“The fresh meats and seafood sector is still largely underserved and unorganised that holds a vast opportunity of $40 billion. We will continue to build the category through investments in technology for supply chain excellence, product innovation, talent, and vendor partner upgrades,” said Abhay Hanjura, cofounder, Licious.
Gupta and Hanjura founded Licious in 2015, and it now covers 14 Indian cities, including Bangalore, Hyderabad, NCR, Chandigarh, Mumbai, Pune, Chennai, Jaipur, Coimbatore, Kochi, Puducherry, Vizag, Vijayawada, and Kolkata. To date, it has served more than 2 million consumers. According to the company, it serves over 1 million orders per month, with over 90% of customers returning to the same location.
India's direct-to-consumer sector is reaching a tipping point, with a market size of $100 billion or more predicted by 2025. According to the firm, the pandemic has played a significant impact in boosting the sector's growth.
“We will use these funds to grow our offline business, further our ready to eat product portfolio and for our geographic expansion,” says, Vivek Gupta, cofounder, Licious.
The company raised $192 million in its Series F round in July, valued at $650 million and headed by the Singapore government's investment company Temasek and Multiples Private Equity. Brunei Investment Agency, 3one4 Capital, Bertelsmann India Investments, Vertex Growth Fund, and Vertex Ventures Southeast Asia and India are among the funds that have invested in it.
“We will opportunistically look at growing inorganically by acquiring smaller businesses in the ancillary segments and business areas,” Gupta added.
The company's current revenue run rate, according to Gupta, is Rs 1,000 crore. “We plan to conclude the financial year around Rs 1,500 crore, having increased by roughly 60% since our previous fundraise. The D2C market in India is at an inflection point, according to the business, and is predicted to reach a size of more than 100 billion dollars by 2025. The pandemic has had a significant impact on the sector's growth.
“The fresh meats and seafood sector is still largely underserved and unorganised that holds a vast opportunity of $40 billion. We will continue to build the category through investments in technology for supply chain excellence, product innovation, talent, and vendor partner upgrades,” said Abhay Hanjura, cofounder, Licious.
Gupta and Hanjura founded Licious in 2015, and it now covers 14 Indian cities, including Bangalore, Hyderabad, NCR, Chandigarh, Mumbai, Pune, Chennai, Jaipur, Coimbatore, Kochi, Puducherry, Vizag, Vijayawada, and Kolkata. To date, it has served more than 2 million consumers. According to the company, it serves over 1 million orders per month, with over 90% of customers returning to the same location.
India's direct-to-consumer sector is reaching a tipping point, with a market size of $100 billion or more predicted by 2025. According to the firm, the pandemic has played a significant impact in boosting the sector's growth.
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