Licious, a Bangalore-based startup that sells fresh meat and seafood online, has raised $ 192 million in new funding round as it seeks to expand its presence beyond the South Asian market .
The new round – an F Series – was led by Singaporean investment firm Temasek and Multiples Private Equity. The round, which brings the six-year-old Indian firm’s increase to date to over $ 285 million, values the startup at over $ 650 million (according to a person with direct knowledge of the matter), vs. $ 285 million in December 2019 Series E financing.
Existing investors 3one4 Capital, Bertelsmann India Investments, Vertex Growth Fund and Vertex Ventures also participated in the new round, and some of the early investors sold part of their stakes.
Delicious operates an eponymous e-commerce platform where it sells meat and seafood in more than a dozen Indian cities. The startup has built a network of supply chains in several Indian cities so that it can source meat and seafood, keep it fresh, and deliver it within hours of ordering.
In recent months, the startup claims to have accelerated its growth as people increase their protein intake in a bid to improve their immunity.
He did not disclose exact numbers, but said the startup has grown 500% over the past 12 months and has delivered over 2 million unique customers.
“This is just the beginning of our quest to create an exemplary and iconic technology-driven D2C (Direct to Consumer) brand,” Vivek Gupta and Abhay Hanjura said in a joint statement Friday.
According to industry estimates, India’s online meat market is worth more than $ 4.4 billion and has grown more than 2.5 times since the pandemic last year.
Licious, which competes with FreshToHome, plans to deploy the new capital to expand into “multiple geographies,” he said, without identifying any market. The startup is also investing to expand its technology and supply chain networks, he said.
The co-founders of the startup have “revolutionized the purchase of poultry, seafood and meat in the country, delighting customers with their promise of quality, freshness and fast delivery,” said Sridhar Sankararaman, MD, Multiples .