Licious turns unicorn, raises $52 million at a valuation of $1 billion

Online meat delivery company Licious said on October 5 it raised $52 million in a round led by IIFL AMC’s late-stage tech fund at a valuation of a billion dollars, making it one of the first unicorns in India’s thriving direct-to-consumer (D2C) space.​

Licious is now the 29th unicorn to emerge out of India in 2021 amid an unprecedented funding boom.

“Even though the funding for D2C sector has grown significantly, FMCG is still not considered the most attractive category. We expect that Licious’ Unicorn status will change that. The fresh meats and seafood sector are still largely underserved and unorganized that holds a vast opportunity of $40 billion,” Licious cofounders Vivek Gupta and Abhay Hanjura said in a statement.

“We will continue to build the category through investments in technology for supply chain excellence, product innovation, talent, and vendor partner upgrades.”

The Bengaluru-based startup said it would build a sustainable, responsible business that would reimagine the animal protein category in India through a mix of global influence and products curated for the Indian palate.

In July 2021, Licious raised $192 million in a Series F funding round led by Temasek and Multiples, making it the highest-funded company in the fresh animal protein business category.

Brunei Investment Agency also participated in the round and existing investors 3one4 CapitalBertelsmann India InvestmentsVertex Growth Fund, and Vertex Ventures Southeast Asia and India.

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