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Licious becomes India's first D2C unicorn with a Series G raise of $52 mn led by IIFL AMC
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Friday, 08 October, 2021, 08 : 00 AM [IST]
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Our Bureau, Bengaluru
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Licious is emerging as India’s first D2C unicorn post receipt of funding worth $52 million led by IIFL AMC’s Late Stage Tech Fund.
The D2C market in India is at an inflection point and is expected to attain a size of over $100 billion by 2025. D2C has the advantage of direct consumer connect that helps Licious identify gaps and position their products accordingly.
Vivek Gupta & Abhay Hanjura, co-founders, Licious, said, "Even though the funding for D2C sector has grown significantly, FMCG is still not considered the most attractive category. We expect that Licious' unicorn status will change that. The fresh meats & seafood sector is still largely underserved and unorganised that holds a vast opportunity of $40 bn. As the category leader, we aim at paving the way for a second wave of young start-ups that can join hands in fully harnessing the potential that the industry has to offer. We will continue to build the category through investments in technology for supply chain excellence, product innovation, talent, and vendor partner upgrades.”
“In the coming years, Licious will work towards building a sustainable, responsible business that will reimagine the animal protein category in India through an optimal mix of global influence & products curated for the Indian palate. The company will champion the cause of fresh meats & seafood sector,” they added.
Chetan Naik of IIFL AMC, said, “Licious has disrupted the meat and seafood category, which has largely been unorganised and underserved. The company’ 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. We are excited to partner with them in this journey of creating India’s most-loved meat & seafood brand”.
Known for their category-first initiatives, the company has been responsible for disrupting the sector over the last 6 years. Earlier this year, it allocated ESOPs to over 1000 employees including the blue-collared workforce. This was followed by a buyback worth Rs 30 crore, in Aug. The company also recently announced their pledge to comply to the lofty global ESG standards, setting new benchmarks for sustainability & governance. Spread across 14 Indian cities, the company has experienced an unprecedented growth of over 500% that it saw during the last year followed by the continuing momentum of the same. The company has successfully delivered to more than 2 million unique customers till date.
In July 2021, it raised $192 million in their Series F funding Round, led by Temasek & Multiples, making it the highest funded company in the fresh animal protein business category. Brunei Investment Agency also participated in the round along with existing investors 3one4 Capital, Bertelsmann India Investments, Vertex Growth Fund, and Vertex Ventures Southeast Asia and India.
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