Direct-to-consumer (D2C) foodtech platform Licious on Tuesday announced it has raised $150 million, six months after the online meat delivery platform became the first D2C unicorn in the country. The funds raised through Series F2 round will be utilised for investment in technological intervention that will help category development and improve overall customer experience, the company said in a statement. The company said it will also invest in strategic acquisition and widening and deepening the brand's reach.
"The growing interest of investors from India and abroad alike is an added assurance that obsession with customers, quality and service standards are the pillars of the best businesses," said Vivek Gupta and Abhay Hanjura, Co-founders, Licious. The funding round was led by Singapore-based Amansa Capital, along with Kotak PE & Axis Growth Avenues AIF-I. Existing investors also participated in the round.
The Indian meat market -- fairly nascent with a large growth headroom -- is expected to reach $80-85 billion by 2024 and is up for disruption by branded players especially in the online space, according to Bengaluru-based market research firm RedSeer.
Last year, Licious became the first Indian company to offer ESOPs (employee stock option plan) to their production and delivery workforce.
"Due to Licious' focus on quality and strong execution, its successfully creating a habituated and loyal customer base," said S Sriniwasan, MD, Kotak Investment Advisors Limited.
In July 2021, Licious raised $192 million in their Series F funding Round, led by Temasek & Multiples.
In October last year, the company achieved a billion dollars valuation post receipt of funding worth $52 million led by IIFL AMC's Late Stage Tech Fun & Avendus FLF (Future Leaders Fund).