Online fresh meat brand Licious has picked up USD 30 million in a Series E funding round led by Singapore-based Vertex Growth Fund. Existing investor 3one4 Capital, Bertelsmann India Investments, Vertex Ventures Southeast Asia and India, and Sistema Asia Fund also participated in the round.
The fresh capital will be used for market expansion, strengthening omnichannel presence, and powering new product launches, especially in the ready-to-eat category.
The company said it will focus on upgrading the Indian meat and seafood ecosystem by bolstering technological intervention, expanding its pool of employees, and training them on niche skills.
So far, the Bengaluru-based startup has raised close to USD 95 million.
“We are elated to see our marquee investors instil faith in our vision. At Licious, we are not just aiming at achieving success as a business but creating an unprecedented and consistent experience for all our stakeholders. The fact that 92 percent 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,” said Licious cofounders. Vivek Gupta and Abhay Hanjura.
Licious follows a farm-to-folk model where the company owns the entire back-end supply chain powered by world class processing facilities along with stringent cold chain control to scientifically maintain the quality and freshness of each product that reaches the end user. .
“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," said Tam Hock Chuan, Managing Partner of Vertex Growth.
At present, Licious operates in nine cities, including Bengaluru, NCR, Hyderabad, Chandigarh, Panchkula, Mohali, Mumbai, Pune, and Chennai.
Licious processes more than 17,000 orders a day
“Vertex Growth believes Licious is leading the transformation of the traditional meat and seafood industries to become the premier brand of choice. The market opportunity is exciting, fuelled by India’s favourable economic trends like rising per capita income and urban consumption trends. We are privileged to support the team as they expand and advance on their mission of bringing the best meat possible to consumers” said James Lee, Managing Partner.