Licious, a Bangalore-based startup that sells recent meat and seafood on-line, mentioned on Tuesday it has raised $52 million in a brand new financing spherical and turn into the primary direct-to-consumer startup to achieve the unicorn standing on the planet’s second largest web market.
The brand new spherical — a Sequence G — was led by Mumbai-headquartered IIFL. It comes simply three months after Licious — which counts 3one4 Capital and Temasek amongst its buyers — raised $192 million at a valuation of about $650 million, TechCrunch reported earlier.
Licious operates an eponymous e-commerce platform the place it sells meat and seafood in 14 Indian cities. The startup has constructed a provide chain community throughout a number of Indian cities to have the ability to procure meat and seafood, maintain them recent, and ship inside hours of the order.
“Though the funding for the D2C sector has grown considerably, FMCG continues to be not thought-about probably the most enticing class,” mentioned Vivek Gupta and Abhay Hanjura, founders of Licious in an announcement. “We anticipate that Licious’ unicorn standing will change that. The recent meats and seafood sector continues to be largely underserved and unorganised that holds an unlimited alternative of $40 billion. Because the class chief, we intention at paving the best way for a second wave of younger start-ups that may be part of fingers in absolutely harnessing the potential that the trade has to supply.”
Licious has not disclosed a number of of its efficiency metrics however says it has grown over 500% prior to now one 12 months or so. It says it has amassed over 2 million distinctive clients. In latest months, the startup has spoken about its intentions to increase to worldwide markets.
“Licious has disrupted the meat and seafood class, which has largely been unorganized and underserved,” mentioned Chetan Naik of IIFL AMC. “At this time, Licious is amongst the quickest rising D2C manufacturers and is likely one of the few shopper companies in India with very robust income retention metrics. We’re excited to associate with them on this journey of making India’s most-loved meat and seafood model.”
The arrival of IIFL, based mostly on the agency’s historic monitor file, on Licious’ captable means that the startup is planning for its IPO inside the subsequent two years.
The Bangalore-based agency joins one other two-and-a-half-dozen startups in India which have attained the unicorn standing this 12 months. Scores of high-profile buyers together with Tiger World, SoftBank, Falcon Edge Capital, and Temasek, in addition to native giants equivalent to Sequoia Capital India have considerably elevated the tempo of their investments in latest quarters as they double down within the nation.