Bengaluru-based fresh meat and seafood brand Licious has raised around ₹213 crores ($30 million) in its series E funding round led by Singapore-based Vertex Growth Fund. Other existing investors that participated in the round included 3one4 Capital, Bertelsmann India Investments, Vertex Ventures Southeast Asia and India, and Sistema Asia Fund.
The funds raised will be deployed towards expanding presence in a greater number of Indian cities, augmenting capabilities in existing markets, strengthening omnichannel presence and powering new product launches, especially in the Ready-to-Eat category.
The Company will also focus on upgrading the Indian meat and seafood ecosystem by bolstering technological intervention, expanding its pool of employees and training them on niche skills that the industry needs.
Talking about changing the nature of Indian meat industry, Vivek Gupta and Abhay Hanjura, Co-founders, Licious, said, “The fact that 92% of the Indian meat and seafood industry is still unorganised, indicates the huge, underserved community that exists, as well as the opportunity that this sector has to offer. The traditional meat and seafood industry are in dire need of tech intervention, quality standardisation, and a skilled talent pool. Licious is working towards creating these differentiators and will stay committed towards elevating India’s meat & seafood experience.”
Tam Hock Chuan, Managing Partner of Vertex Growth, said, “Licious is building a company and brand that is synonymous with the freshest meat and meat products. We are confident that the team’s capabilities and technologies it has established across its entire supply chain will achieve this and allow Licious to deliver value to consumers in India.”
Bengaluru-based Licious was founded by Vivek Gupta and Abhay Hanjura in 2015 as a food brand operating in the meat and seafood category. Currently, Licious is present in seven cities and processes more than 17,000 orders a day. It clocked in a healthy growth rate of 300% y-o-y and aims at reaching a target of ₹1000 crores by 2023.
Earlier in September 2018, Licious raised ₹181 crores in series C funding.
Along with other players like Zappfresh, EasyMeat, MeatRoot, and Meatigo, Licious is leading the transformation of the Indian meat industry.