Licious, a D2C unicorn, has raised Series F2 fundraise of $150 million from Singapore based Amansa Capital, along with Kotak PE and Axis Growth Avenues AIF – I.
Existing investors have also participated in the round along with angel investors such as Nithin and Nikhil Kamath of Zerodha, BoAt’s Aman Gupta, and Haresh Chawla, Partner, True North. Till now, Licious has raised about $488 million in multiple funding rounds.
Licious has built a farm-to-fork model with its proprietary tech-driven supply chain and introduced global standards of meats and seafood for Indian consumers. The company’s solution is said to have benefited farmers and fishermen by giving them training on global practices, a fair price for their produce and a steady stream of income.
Operationally profitable
A Licious spokesperson told BusinessLine that the company is currently at an annualised revenue run rate of ₹1,000 crore and is operationally profitable. The funds raised through Series F2 will be utilised for investment in technological intervention that is said to help Licious in category development and improve overall customer experience. The company will also invest in strategic acquisition and widening and deepening the brand’s reach.
Last year, Licious announced offering ESOPs (employee stock ) to their production and delivery workforce, while introducing the ‘Everyday Vesting, Anytime Liquidation’ ESOP-wealth creation scheme.
Vivek Gupta and Abhay Hanjura, Co-Founders, Licious, said, “Today, Licious is the highest valued D2C start-up in India. This valuation is a direct outcome of the value that we have created for our stakeholders; investments made towards building the category have borne us rich dividends and have propelled growth for the company and its people. We are committed to building a sustainable, responsible business that will reimagine the animal protein category in India through an optimal mix of global influence and product innovation best suited for India.”
S Sriniwasan, MD, Kotak Investment Advisors Limited, said “We are excited to partner with Licious, India’s No. 1 D2C brand. Due to Licious’ focus on quality and strong execution, its successfully creating a habituated and loyal customer base. We believe under the leadership of Abhay and Vivek, Licious is best positioned to serve the fresh meat and seafood need of India. “
Kotak Investment Advisors Limited, is a $5 billion AUM alternate asset manager. It has invested in Licious through Kotak pre-IPO Opportunities Fund, a ₹2,000 crore fund. Avendus acted as the exclusive financial advisor to Licious for the transaction.
Previous fund raises
In July 2021, Licious raised $192 million in its Series F funding Round, led by Temasek and Multiples along with the participation of other investors. This was closely followed by another fund infusion in October 2021, when the company raised $52 million at a billion dollars valuation. This round was led by IIFL AMC’s Late Stage Tech Fun and Avendus FLF (Future Leaders Fund).