Licious, the online meat and seafood startup, has raised $192 million in the new financing round. The startup plans to utilize current funding in taking the firm globally.
Licious Financial Growth
In the series F funding event organized by Licious, Singapore based Temasek has to lead the investment of $192 million. Up to now, the meat startup has raised over $285 million in different funding rounds.
The startup valuation has surged to $650 million, as per the internal person. The firm was valued at around $285 million after closing the Series E funding round in December 2019.
Old investors also participated in the current round, while some investors sold their stake in the currently concluded financing event.
Licious sells meat and kinds of seafood in 12+ major cities of India through its e-commerce website. The company has created a supply chain network in such a way that it delivers fresh meat within 2-3 hours after receiving it fresh from the suppliers.
In the pandemic hit year, Licious recorded a surge in its operations due to more protein requirements to have good immunity.
Licious did not reveal the growth details but as per insider person information, the startup recorded 500% growth in the last 12 months. The firm delivered its products to around 2 million new customers.
As per the co-founders’ joint statement, it is just the beginning. They want to establish a powerful technology-based direct to consumer(d2c) firm.
As per industry estimates, the meat industry is worth over $4.4 billion. And, it saw a surge of 2.5x since the pandemic hit last year.
With the current capital, Licious wants to start its operations in other cities of India. To continue its fresh meat promise, the startup has plans to welcome more suppliers from new locations to strengthen its operations.
FreshtoHome is the major competitor of Licious. But, Licious has won customers’ hearts due to its fresh and timely meat delivery.
Licious faced a lot of issues in the beginning due to co-founders’ family backgrounds. Their family members were not ready to allow them to start a meat business due to religious constraints. Initially, they hide startup operations from their friends and family members. Later, they convinced them about the startup operations.
Licious plans to cross Indian boundaries with its operations in future. The co-founders said that the startup will very soon start its operations beyond South Asian market.