Fresh meat and seafood brand Licious has raised $30 million in Series E funding round.
The round was led by Singapore-basedVertex Growth Fund along with existing investors 3one4 Capital, Bertelsmann India Investments, Vertex Ventures Southeast Asia and India, and Sistema Asia Fund. Including this round, Licious has raised a total of $95 million to date.
Bengaluru-based Licious was founded by Abhay Hanjura and Vivek Gupta in 2015, with a vision to disrupt the highly underserved meat and seafood market, which is estimated at $40 billion today.
The 2,000-employee company said it registered 300 per cent YoY growth and aims to reach a target of ₹1,000 crore by 2023.
The funds raised through Series E round will be deployed towards expanding its presence across the country, augmenting capabilities in existing markets, strengthening omni-channel presence and powering new product launches, especially in the ‘Ready-to-Eat’ category. The company will also focus on upgrading the Indian meat and seafood ecosystem by bolstering technological intervention, expanding its pool of employees and training them on niche skills that the industry needs.
“We are elated to see our marquee investors instil faith in our vision”, said Vivek Gupta and Abhay Hanjura, co-founders, Licious.
They added, “At Licious, we are not just aiming at achieving success as a business but creating an unprecedented and consistent experience for all our stakeholders. The traditional meat and seafood industry are in dire need of tech intervention, quality standardisation and a skilled talent pool. Licious is working towards creating these differentiators and will stay committed towards elevating India’s meat and seafood experience,” they said.
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