Fresh meat brand D2CTuesday entered the coveted billion dollar unicorn club.
The Bengaluru-based startup raised $ 52 million in a Series G funding round led by the Late-Stage Tech Fund at IIFR AMC, with a valuation of $ 1 billion. Avendus FLF (Future Leaders Fund) also invested in this round.
Avendus Capital acted as exclusive financial advisor to Licious for the transaction.
Speaking on development, Vivek Gupta and Abhay Hanjura, co-founders, Licious, noted,
“Although funding for the D2C sector has increased significantly, FMCG products are still not considered the most attractive category. We expect Licious’s unicorn status to change that. The fresh meat and seafood sector is still largely underserved and unorganized. a vast opportunity of 40 billion dollars. ”
They added, “As a category leader, we aim to pave the way for the second wave of young startups who can join hands to fully exploit the potential the industry has to offer. We will continue to grow the category by investing in technology for supply chain excellence, product innovation, talent and supplier partner upgrades. “
Vivek Gupta and Abhay, founders of Licious
Earlier this year, Licious has awarded ESOPs to over 1,000 employees, including its blue collar workforce. This was followed by a buyout worth Rs 30 crore in August.
Recently, the startup also announced its commitment to comply with high global ESG standards, setting new benchmarks in sustainability and governance.
Spread across 14 Indian cities, Licious has seen over 500 percent growth last year, followed by the continued momentum of the same. He successfully delivered to over two million unique customers nowadays.
The co-founders said, “In the years to come, you will see Licious working to build a sustainable and responsible company that will reinvent the animal protein category in India through the optimal blend of global influence and products designed for it. Indian palace. But most of all, you will see us championing the cause of the fresh meat and seafood industry as we continue to place it as the number one consumer company in India. “
In July 2021, Licious had raised a $ 192 million Series F funding round led by Temasek and Multiples Private Equity, making it the best-funded company in the fresh animal protein category.
Brunei Investment Agency also participated in the round, alongside existing investors 3one4 Capital, Bertelsmann India Investments, Vertex Growth Fund and Vertex Ventures South East Asia and India.
Chetan Naik of the IIFR AMC, says “Vivek and Abhay have demonstrated high levels of customer focus and an unprecedented focus on the supply chain necessary for a perishable product. Licious’s focus on product quality, freshness and innovation has created a strong brand, making it the undisputed leader in its category. ”
“Today, Licious is among the fastest growing D2C brands and is one of the few consumer companies in India with very strong revenue retention measures. We are delighted to partner with them on this journey to create India’s most beloved meat and seafood brand, “he added.
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