A few early investors have exited Licious with this round.
The Bengaluru-based startup said it will deploy the funds towards more investments in tech-led supply chain transformation, quality improvement and customer experience elevation and also for expanding its presence in more Indian cities, powering the international expansion plan, augmenting capabilities in existing markets, strengthening its omnichannel presence and fresh product launches.
Licious has seen a growth of more than 500% in the past year and delivered to more than 2 million unique customers till date, it said.
Avendus was the exclusive financial adviser to Licious for the transaction.
“This is just the beginning in our pursuit of building an exemplary and iconic tech-led D2C (direct-to-consumer) brand. There is a massive opportunity to be unlocked in this large $40 billion sector, which has hitherto been devoid of safety, innovation, quality and sustainability standards. With rapidly increasing protein consumption being driven by a vast majority of Indian consumers, it was a matter of time before the larger global investor community took part in this ambitious and transformative journey," said Vivek Gupta and Abhay Hanjura, co-founders, Licious.
Temasek and Multiples’ confidence in Licious is a watershed moment in the context of the category coming of age and occupying the front row in consumer businesses in the nation, the co-founders said.
“Abhay and Vivek have revolutionized the purchase of poultry, seafood and meat in the country, delighting customers with their promise of quality, freshness and timely delivery. Their obsession with customers and quality gives them an eternal edge to create Licious as a category leader and as one of India’s most admired consumer brands. We are proud to be a partner in this journey," said Sridhar Sankararaman, MD, Multiples.
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