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| By Licious |
Licious, a Bangalore-based firm that sells fresh meat and seafood online, has raised $192 million in a new round of funding as it seeks to grow outside the South Asian market.
Temasek, a Singapore-based investment firm, and Multiples Private Equity led the current round, termed Series F. According to a person with direct knowledge of the situation, the round, which increases the six-year-old Indian firm's total fundraising to over $285 million, values the startup at more than $650 million, up from $285 million in December 2019 Series E funding.
The latest round included existing investors 3one4 Capital, Bertelsmann India Investments, Vertex Growth Fund, and Vertex Ventures, as well as some early investors who sold some of their interests.
Licious distributes meat and seafood in over a dozen Indian locations through its eponymous e-commerce portal. The business has established a supply chain network in many Indian cities in order to purchase meat and seafood, keep it fresh, and deliver it within hours of the order.
The firm claims that its growth has surged in recent months as consumers increase their protein intake in an effort to boost their immunity.
It didn't give specific data but said the company had grown by 500 percent in the last year and served more than 2 million unique clients.
In a joint statement released on Friday, Vivek Gupta and Abhay Hanjura said, "This is just the beginning in our goal of developing an exceptional and iconic tech-led D2C (direct-to-consumer) brand."
According to industry estimates, India's online meat market is worth more than $4.4 billion and has increased by more than 2.5 times since the pandemic struck last year.
Licious, which competes with FreshToHome, aims to use the new funds to expand into “multiple geographies,” though it did not specify which ones. According to the company, it is also investing in expanding its technology and supply chain networks.
According to Sridhar Sankararaman, MD, Multiples, the startup's co-founders have "revolutionized the purchase of poultry, fish, and meat in the country, delighting customers with their guarantee of quality, freshness, and quick delivery."
(Source: TechCrunch)
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