India’s e-commerce platform for fresh meat and fish, Licious, receives US$30M in new funding
Licious, a startup based in Bangalore that procures and distributes fresh meat and fish via an online platform, has verified US$30 million of investment capital in the latest round as it seeks to develop its influence in the country.
The Series E round, led by Singapore-based Vertex Growth Fund, brings Licious' current raise to US$94.5 million.
The company will utilize the newly received funds to extend to more urban areas in India, as well as to debut new products, according to Vivek Gupta, the firm’s co-founder.
Licious runs an online platform that distributes fresh food goods in seven urban communities in India. The company doesn't hold any goods in inventory, so any fresh goods that it receives are possessed and sent out on the very same day, or at latest on the next. The company claims to handle in excess of 17 thousand orders per day.
Licious, which has a workforce in excess of 2 thousand individuals, has created its own supply chain network to control sourcing as well as the production of food goods, it said. Licious leadership claims that the company developing at a solid pace of 300 percent year-over-year and intends to make US$140 million in yearly revenue by 2023.
Licious rivals another Bangalore-based company called FreshToHome, which has boasts over of 650 thousand clients in ten urban areas in India. FreshToHome received US$20 million in a funding round in August and at the time claimed that it was processing over 14 thousand orders on a daily basis.
Gupta said by far most of the Indian meat and fish sector is still not organized, which has opened the door for new companies to come into the industry. India’s cold-chain market is projected to expand to US$37 billion by 2025, as per industry projections.
“The traditional meat and seafood industry are in dire need of tech intervention, quality standardization and a skilled talent pool. Licious is working towards creating these differentiators and will stay committed towards elevating India’s meat and seafood experience,” Gupta said.