Licious, one of the leading fresh meat and seafood Indian brands, has announced their Series E funding round of $30 million. The round is led by Singapore-based Vertex Growth Fund along with existing investors 3one4 Capital, Bertelsmann India Investments, Vertex Ventures Southeast Asia and India and Sistema Asia Fund.
The funds raised through Series E will be deployed towards expanding presence in a greater number of Indian cities, augmenting capabilities in existing markets, strengthening omni-channel presence and powering 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 investments, co-founders Vivek Gupta and Abhay Hanjura said, “The results and the overall industry impact that we have been able to achieve demonstrates the increasing maturity of the market and that it is at the cusp of a major transformation.” “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 is 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.”
Currently, Licious is present in seven cities and processes more than 17,000 orders a day with a workforce of 2,000. According to Licious, the firm is the fastest-growing consumer brand in India and all set to be India’s first consumer unicorn brand. The company has clocked in a growth rate of 300% y-o-y and aims at reaching Rs. 1,000 crore by 2023.
Vertex Growth managing partner James Lee said, “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.”
With a vision to disrupt the highly underserved meat and seafood market, estimated at $40 billion today, Hanjura and Gupta started Licious as a category-first brand in 2015. Since its inception, Licious has been able to solve the prevailing customer pain points of quality, hygiene, freshness and convenience when it comes to purchasing meat and seafood in a sustainable manner.