Vertex Growth Fund led this round of financing
The Bangalore based firm Licious known for providing fresh meat and seafood online has raised around $30 million. The new funds will be used to enhance its service area across India. The Series E round of financing was headed by Vertex Growth Fund, it also included some existing investors such as 3one4 Capital, Bertelsmann India Investment, Vertex Ventures Southeast Asia and India, and Sistema Asia Fund.
This round of financing brings up the total raised capital to $94.5 million. Licious manages an online platform that sells meat and seafood across seven cities in India. The company does not manage inventory, meat, and seafood that is procured get processed on the same or the next day. The company handles around 17,000 orders each day.
The company aiming for annual revenue of $140 million
The firm has around 2,000 employees working under it and a supply chain network that helps it to procure and produce the product. The executives from the company told that the company is growing at a brisk rate of 300% every year. The company is targeting a revenue of $140 million annually by 2023.
The fresh funds will be used by the company to expand its business in more cities in India by launching new products. The major competitor of Licious is another Bangalore based start-up FershToHome. It has spread across 10 cities in India serving 650,000 customers. The company has gathered $20 million in the new round of funding and gets around 14,000 orders in a day.
Vivek Gupta, The Co-founder of Licious said, “The vast majority of the Indian meat and seafood industry remains unorganized, which has created an immense opportunity for start-ups to address the sector. The cold-chain market of India is estimated to grow to $37 billion in the next five years, according to industry estimates.”
