Licious, a seafood and meat brand has reportedly secured funds amounting to $25 million (over Rs 180 crore) in its latest investment round. This funding round was led by Bertelsmann India Investments and Temasek-backed Vertex Ventures Southeast Asia and India.
The particular round also saw participation from backers such as UCLA and existing investors Mayfield India, 3one4 Capital, Sistema Asia Fund and InnoVen Capital.
The funds so raised by the company will be used in the expansion of its footprint and expand operations to Mumbai and Pune too. At present, the company is present across Delhi NCR, Bengaluru and Hyderabad only. A large part of the capital raised will be also be used to widen this product category as also strengthen the supply chain.
“To be able to build a transformational, category leading food brand in one of the most complex and underserved sectors requires conviction and innovation at a fundamental level. These funds will greatly aid us in deepening and widening our market presence and enable us to offer new products and services our customers will love,” said Abhay Hanjura and Vivek Gupta, co-founders of Licious stated.
Following this funding round, the total capital raised by the firm as of now stands at over $39 million. Licious did not reveal the valuation of the company after the funding but sources aware of the deal dynamics say that Licious is to be valued between $70-80 million after this financing round.
The startup was founded in 2015 which is a farm to fork business providing end-to-end services that include procuring the fresh meat to processing, storage and delivery of the meat by owning the entire back-end supply chain including cold storage.
The company claims to process over 6,000 orders per day and clocks revenues north of Rs 5.5 crore per month along with catering to 300,000 customers.