Licious has expanded exponentially in the past two years and now possesses 11 delivery hubs and employs around 250 people
Bengaluru-based online fresh meat marketplace Licious has secured $10 million in a Series B funding round led by Mayfield India, 3one4 Capital, Russia’s Sistema Asia Fund and Korea’s Neoplux Technology Fund.
The investment is expected to boost business growth for the company and facilitate its expansion plans in other markets like Hyderabad and Delhi-NCR. It currently operates only in Bengaluru and Hyderabad.
Licious, founded in July 2015 by Abhay Hanjura and Vivek Gupta, has formulated a zero inventory model. It has built contractual arrangement with large institutional meat vendors who are trained on managing livestock and meat handling techniques. Therefore, they are able to regularly supply fresh produce to Licious by adhering to the stringent quality standards set by the sourcing team within the company.
Licious had previously raised angel funding and Series A Funding of $3.5 million from 3one4 Capital and Mayfield Capital.
“It is heartening to note that in an investor environment that is fraught with uncertainty, we have managed to secure some of the most reputed funding companies to put faith in our business. Our strengths lie in the fact that we work on sound business fundamentals that focus on profitability and sustainability. The Series B Fund will greatly aid us in beefing up our back-end and expanding in newer markets after strongly laying the foundation in the Bangalore market.” said Vivek Gupta, Co-founder at Licious.
“Licious is a first mover in building a full stack meat gourmet brand in a market where demand is unconstrained (70% + non-vegetarians) and supply is largely unorganized (90%+). Company has exhibited rapid scale and customer loyalty in Bangalore in a capital efficient manner. We at Sistema Asia Fund are excited to partner with Abhay and Vivek in building a new age Pan-India gourmet brand leveraging the power of technology and internet” Dhruv Kapoor, MD, Sistema Asia Fund Advisory
Licious has expanded exponentially in the past two years and now possesses 11 delivery hubs and employs around 250 people across different functions in their company.