Licious Raises $52 Million To Become India's First D2C Unicorn

Licious, a fresh meat and seafood company, raised $52 million in a 'Series G' round sponsored by IIFL Asset Management's Late Stage Tech Fund on Tuesday.

Licious Raises $52 Million To Become India's First D2C Unicorn
Licious Raises $52 Million To Become India's First D2C Unicorn

Licious, a fresh meat and seafood company, raised $52 million in a 'Series G' round sponsored by IIFL Asset Management's Late Stage Tech Fund on Tuesday. The Bengaluru-based firm claims it has become India's first Direct-To-Consumer (D2C) unicorn as a result of the new funding. The Avendus FLF (Future Leaders Fund) has also contributed to this round, according to the company. 

A unicorn is a company valued at more than $1 billion in the startup world. In a press release, Licious noted, "India's direct-to-consumer sector is at a tipping point, with a market size of more than 100 billion dollars predicted by 2025. The accomplishment of unicorn status for Licious is projected to not only advance the brand's journey, but also to open up new prospects for the animal protein sector through an influx of investment, talent, and the creation of other start-ups that will help raise the bar in all areas." 

"Even though investment for the D2C industry has expanded tremendously, FMCG is still not regarded as the most appealing category," stated Licious Co-Founders Vivek Gupta and Abhay Hanjura in a joint statement. Licious' Unicorn status is expected to change that. The fresh meats and seafood industry are still underserved and unorganised, presenting a $40 billion opportunity." 

"In the coming years, Licious will seek to establish a sustainable, responsible business that will rethink the animal protein category in India through an appropriate blend of global influence and goods customised for the Indian palate," both Co-Founders added. 

Chetan Naik of IIFL AMC, said, "Licious' 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."

Licious' Stock Option Plan

Licious offered over 1,000 employees an employee stock ownership plan (ESOP) earlier this year. In August, a repurchase worth 30 crores was announced. The company, which is spread over 14 Indian cities, has seen exceptional growth of over 500 percent in the last year, with the same momentum continuing. Temasek & Multiples Private Equity sponsored a $192 million 'Series F' fundraising round for the meat and seafood company in July 2021. 

Late-stage investment rounds are referred to as 'Series F' and 'Series G.'