Fresh meat and seafood brand Licious has raised USD 30 million in Series E funding round.
The round was led by Singapore-based Vertex Growth Fund (“Vertex Growth”) along with existing investors 3one4 Capital, Bertelsmann India Investments, Vertex Ventures Southeast Asia and India, and Sistema Asia Fund.
The funds would be deployed towards expanding to a greater number of Indian cities, augmenting capabilities in the existing markets, strengthening omnichannel presence and powering new product launches, especially in the ready-to-eat category, Licious said in a press statement.
The company said it would 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.
Co-founders of Licious Vivek Gupt and Abhay Hanjura were quoted saying, “The fact that 92% of the Indian meat and seafood industry is still unorganized indicates the huge, underserved community that exists, as well as the opportunity that this sector has to offer.”
The traditional meat and seafood industry are in dire need of tech intervention, quality standardization, and a skilled talent pool, they said in the statement.
Currently, Licious, a 2,000-employee-strong company, is present in seven cities and processes more than 17,000 orders a day.
The company said it has clocked in a growth rate of 300 percent year-on-year and aims at reaching a target of Rs 1,000 crore by 2023.