Online meat retailer Licious on Tuesday announced that it has raised $52 million in Series G round led by IIFL AMC’s Late Stage Tech Fund at a valuation of $1 billion, entering into the unicorn club.

The six-year-old Bengaluru-based start-up will be utilising the fresh capital to invest in technology for supply chain excellence, product innovation, talent, and vendor partner upgrades.

Vivek Gupta & Abhay Hanjura, Co-Founders, Licious, said in a statement, “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 billion. 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.”

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They added, “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, you will see Licious 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. But most of all, you will see us championing the cause of fresh meats & seafood sector as we continue to put it in the front row of consumer businesses in India.”

The current round follows a $192-million Series F round led by Temasek & Multiples. 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.

Earlier this year, Licious allocated ESOPs to over 1,000 employees including the blue-collared workforce. This was followed by a buyback worth ₹30 crore in August. Spread across 14 Indian cities, the company has experienced an unprecedented growth of over 500 per cent that the company saw during the last year followed by the continuing momentum of the same. Licious has successfully delivered to more than 2 million unique customers till date.

Chetan Naik of IIFL AMC, said, “Licious has disrupted the meat and seafood category, which has largely been unorganised and underserved. Vivek and Abhay have demonstrated high levels of customer-centricity and an unparalleled focus on supply chain necessary for a perishable product. Licious’ focus on product quality, freshness and innovation has created a strong brand making them the undisputed category leader... We are excited to partner with them in this journey of creating India’s most-loved meat & seafood brand”.

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