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

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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 is still largely underserved and unorganised 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 work towards building 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.

Earlier this year, Licious allocated ESOPs to over 1,000 employees, including the blue-collared workforce. This was followed by a buyback worth Rs 30 crore in August.

Spread across 14 Indian cities, the company has seen a growth of more than 500 percent during the last year. Licious has successfully delivered to more than 2 million unique customers to date.

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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 along with existing investors 3one4 Capital, Bertelsmann India Investments, Vertex Growth Fund, and Vertex Ventures Southeast Asia and India.