Bangalore-based (India) startup Licious raised USD 150 million in an extended Series F round on March 15, 2022. Licious is a D2C brand that sells fresh meat, seafood, and other fresh animal protein via an online model. Singapore-based venture capital firm Amansa Capital led the Series F2 round of funding.

Besides, new investors Kotak PE and Axis Growth Avenues AIF-I joined the startup. Existing investors were also part of this funding, along with prominent angel investors. Nithin and Nikhil Kamath of Zerodha, BoAt’s co-founder Aman Gupta and Haresh Chawla, Partner at True North, invested in the funding.

amansa capital

Purpose of Funding

The company intends to use the fresh capital for investment in technological intervention. Further, it will help category development and improve the overall customer experience.

Part of the funds will aid in strategic acquisition and expansion of the brand’s outreach.

Licious turned unicorn six months ago. It was the first brand to turn a unicorn in D2C space. It raised USD 52 million in Series G round led by IIFL’s Late Stage Tech Fund and Avendus back then.

What the co-founders have to say

“Today, Licious is the highest valued D2C startup in India. This valuation is a direct outcome of the value that we have created for our stakeholders- investments made towards building the category have borne us rich dividends and have propelled growth for the company and its people,” said Vivek Gupta and Abhay Hanjura, co-founders, Licious in a note shared by the company.

“The role of a category pioneer comes with many responsibilities as well, which Licious continues to honour. We are committed to building a sustainable, responsible business that will reimagine the animal protein category in India through an optimal mix of global influence and product innovation best suited for India. Through it all, we pledge not to lose sight of our mission statement that we adopted on day one- if we can’t feed it to our families, we won’t sell it to our consumers,” they further added.

“We are committed to building a sustainable, responsible business that will reimagine the animal protein category in India through an optimal mix of global influence & product innovation best suited for India,” said co-founders of the company.

licious

What the investors have to say

“We are excited to partner with Licious, India’s #1 D2C brand. Due to Licious’ focus on quality and strong execution, it’s successfully creating a habituated and loyal customer base. We believe, under the leadership of Abhay and Vivek, Licious is in the best position to serve the fresh meat and seafood needs of India. We are excited to partner with Licious on this journey,” said S Sriniwasan, MD, Kotak Investment Advisors Limited.

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Jasleen Bhatia works as a content writer for VCBay News. She is pursuing her final semester in Bachelor of Business Administration from IIPS, DAVV. Driven by her keen interest in entrepreneurship and finance, she writes business-related articles.

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