Bengaluru-based gourmet meat brand Licious has raised $10 million (₹65 crore) from a clutch of investors including Mayfield India, 3one4 Capital, Sistema Asia Fund and Neoplux Technology Fund.
The Series B funding will facilitate the company’s expansion plans in markets such as Hyderabad and Delhi-NCR.
The investment will fuel the company’s innovation efforts, a company statement said.
Licious, run by Delightful Gourmet, had previously raised $3.5 million (₹22.7 crore) from 3one4 Capital and Mayfield Capital.
Sistema Asia, a Russia-based venture fund will make its first consumer investment in India through Licious, after completing three investments in the technology space in the recent past, the statement said, adding that South Korean Neoplux Technology Fund is foraying into the Indian market by investing in Licious.
“We are excited to announce our Series B funding of $10 million, as it comes in the wake of rapid expansion plans that we have set out for the company’s growth,” said Abhay Hanjura, founder at Licious.
Licious has 11 delivery hubs and employs around 250 people. It works on a zero-inventory model and has built contractual arrangement with large institutional meat vendors who are trained to manage livestock and meat-handling techniques.