Bengaluru-based fresh meat brand Licious has raised around ₹181 crores ($25 million) in series C round led by Bertelsmann India Investments (BII), Vertex Ventures SEA and India, and UCLA. Other existing investors that participated in the round include Mayfield India, 3one4 Capital, Sistema Asia Fund and InnoVen Capital.
It is to be noted that this investment marks the first investment by BII in the fresh foods segment. Investec acted as the exclusive financial advisor to Licious on this transaction.
Freshly infused funds will be used to expand to new cities, fostering value-added product categories, along with strengthening the supply chain to handle orders efficiently.
Licious, operated by Delightful Gourmet Pvt. Ltd was launched by Abhay Hanjura and Vivek Gupta in 2015. The fresh meat brand offers prime quality meat and seafood products. It also provides an online platform to enable its customers by delivering a wide range of fresh and hygienic meat products at their doorsteps.
Talking about the investment, Pankaj Makkar, Managing Director, Bertelsmann India Investments, said, “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,”
He further added, “We have strong conviction in the founding team’s vision and strategy to build Licious as the most trusted brand for fresh food and gourmet food products, in India.”
In 2018, Licious was certified with FSSC 22000, one of the highest food quality certifications in the world, ensuring the premier quality of products. It has also witnessed over 300% growth year on year, becoming the leading fresh and gourmet food products in India.
The brand has a presence across Bengaluru, Delhi NCR, and Hyderabad. It is looking to expand to Mumbai and Pune by the end of this year, in order to strengthen its position.
Licious last raised $10 million in series B round led by 3one4 Capital and Mayfield Fund in March 2017.
Other players in the online meat delivery space competing with Licious include Zappfresh, EasyMeat, MeatRoot, Meatigo, among others.