Licious Becomes Unicorn: $52 Million Funding Round

Licious Achieves Unicorn Status with $52 Million Funding

Licious, an online marketplace for fresh meat and seafood based in Bangalore, announced on Tuesday a new funding round of $52 million.

This achievement marks Licious as the first direct-to-consumer (DTC) company to reach unicorn status within India, the world’s second-largest internet market.

Series G Funding and Investor Details

The latest funding, a Series G round, was spearheaded by IIFL, a firm headquartered in Mumbai.

This investment follows a previous round of $192 million raised just three months prior, bringing the company’s valuation to approximately $650 million, as reported by TechCrunch.

Existing investors in Licious include 3one4 Capital and Temasek.

Operational Overview and Supply Chain

Licious operates an e-commerce platform offering a variety of meat and seafood products to customers in 14 cities across India.

The company has established a comprehensive supply chain network throughout numerous Indian cities.

This network ensures efficient procurement, preservation of freshness, and rapid delivery – often within hours of order placement.

Founders’ Perspective on the DTC Sector

Vivek Gupta and Abhay Hanjura, the founders of Licious, jointly stated that while funding for the DTC sector has seen considerable growth, the Fast-Moving Consumer Goods (FMCG) category is often overlooked.

They anticipate that Licious’s unicorn status will contribute to a shift in this perception.

The fresh meat and seafood industry, currently largely unorganized, represents a substantial $40 billion market opportunity.

As a category leader, Licious aims to encourage a new wave of startups to capitalize on the industry’s full potential.

Growth Metrics and Customer Base

While specific financial details like sales and margins remain undisclosed, Licious reports over 500% growth in the last year.

The company has also acquired a customer base exceeding 2 million unique users.

Licious has recently expressed intentions to expand its operations into international markets.

IIFL’s Investment Rationale

Chetan Naik of IIFL AMC commented that Licious has successfully disrupted the traditionally unorganized meat and seafood sector.

He highlighted Licious’s position as one of the fastest-growing DTC brands in India, boasting strong revenue retention rates.

IIFL is enthusiastic about partnering with Licious in its mission to become India’s leading meat and seafood brand.

Potential IPO Plans

The inclusion of IIFL as an investor suggests that Licious is considering an Initial Public Offering (IPO) within the next two years.

India’s Unicorn Landscape

Licious now joins over two dozen other Indian startups that have achieved unicorn status this year.

Significant investment activity has been observed from prominent investors, including Tiger Global, SoftBank, Falcon Edge Capital, and Temasek.

Local investment firms like Sequoia Capital India have also increased their investment pace in recent quarters.