“We will use these funds to grow our offline business, further our ready to eat product portfolio and for our geographic expansion,” Vivek Gupta, cofounder, Licious, told ET.
In July this year, the company had
raised $192 million as part of its Series F round, led by the Singapore government’s investment company Temasek, and Multiples Private Equity, valuing it at $650 million. It counts funds such as Brunei Investment Agency, 3one4 Capital, Bertelsmann India Investments, Vertex Growth Fund, and Vertex Ventures Southeast Asia and India also as its investors.
“We will opportunistically look at growing inorganically by acquiring smaller businesses in the ancillary segments and business areas,” Gupta added.
According to Gupta, the company’s current revenue run rate stands at Rs 1,000 crore. “Having grown around 60% since our last fundraise We expect to close the financial year at Rs 1,500 crore. According to the company, the D2C market in India is at an inflection point and is expected to attain a size of more than 100 billion by 2025. The pandemic has played a major role in accelerating growth for the sector.
“The fresh meats and seafood sector is still largely underserved and unorganised that holds a vast opportunity of $40 billion. We will continue to build the category through investments in technology for supply chain excellence, product innovation, talent, and vendor partner upgrades,” said Abhay Hanjura, cofounder, Licious.
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“Licious has disrupted the meat and seafood category, which has largely been unorganized and underserved. Licious’ focus on product quality, freshness and innovation has created a strong brand making them the undisputed category leader. Today, Licious is amongst the fastest-growing D2C brands and is one of the few consumer businesses in India with very strong revenue retention metrics,” said Chetan Naik of IIFL AMC.
Founded in 2015 by Gupta and Hanjura, Licious currently serves 14 Indian cities such as Bangalore, Hyderabad, NCR, Chandigarh, Mumbai, Pune, Chennai, Jaipur, Coimbatore, Kochi, Puducherry, Vizag, Vijayawada and Kolkata. It has delivered to more than 2 million customers till date. According to the company, it serves over 1 million orders every-month with over 90% repeat consumption across markets.
The D2C market in India is at an inflection point and is expected to attain a size of $100 billion+ by 2025. The pandemic has played a major role in accelerating growth for the sector, the company said.
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