Indian food startup, Licious that sells fresh meat and seafood online, announced it has raised USD 192 Million in a new funding round, Series F. The Bangalore-based startup said it will be using the fund to expand its operations and footprint in international waters, beyond South Asia. The financing round was led by Temasek, which is a Singapore-based investment firm, and Multiples Private Equity.
The new Series F financing round has brought the total fund raised by the six year old food startup till today to a whopping USD 285 million which increases the valuation of the company to over USD 650 million. Licious has an e-commerce platform solely dedicated to meat and seafood in numerous small and major cities in India. The startup has put in extensive efforts to build a robust supply chain network across India which has increased its capability to obtain fresh seafood and meat and deliver it within hours after the customer places an order. According to the founders, Licious has received tremendous popularity and has been actively adopted across the entire country and with rising preference for protein-based foods among Indian consumers, it was expected the global investor community would soon participate in the sector. The newly raised funds will be utilized by the company as an investment to accelerate technological transformation in the supply chain, quality improvement, and enhance customer experience. The company also plans to boost its presence across many more Indian cities – as a small step in expanding its presence across international borders, improving capabilities in pre-existing markets, bolstering omnichannel presence, and accelerating new product launches.
Licious currently has presence in over 14 cities across the country and plans to bolster its offline presence by establishing nearly 30 stores by the end of this year. Apart from Temasek and Multiples PE, the financing round also includes other new investors such as Brunei Investment Agency and existing investors such as Bertelsmann India Investments, 3one4 Capital, Vertex Ventures Southeast Asia and India, and Vertex Growth Fund. Avendus was the financial advisior of Licious for the transaction.