Licious Raises $52 Million To Become India's First Direct-To-Consumer Unicorn
NDTV
Fresh meat and seafood brand Licious on Tuesday announced that it raised $52 million in 'Series G' round led by IIFL Asset Management's Late Stage Tech Fund.
New Delhi: Fresh meat and seafood brand Licious on Tuesday announced that it raised $52 million in 'Series G' round led by IIFL Asset Management's Late Stage Tech Fund. With the fresh funding, the Bengaluru-based company said it has emerged as India's first Direct-To-Consumer (D2C) unicorn. Avendus FLF (Future Leaders Fund) has also invested in this round, it added.
In startup terms, a unicorn is a company which is valued above $1 billion.
Licious, in a release, stated, "The D2C market in India is at an inflection point and is expected to attain a size of more than 100 billion by 2025. The achievement of Licious unicorn status is expected to not only further the journey of the brand but unlock the next level of opportunities for the animal protein sector through an inflow of investment, talent & the emergence of more start-ups that will help raise the bar in all aspects."
Vivek Gupta and Abhay Hanjura, Co-Founders, Licious, in a joint statement, said, "Even though the funding for D2C sector has grown significantly, FMCG is still not considered the most attractive category. We expect that Licious' Unicorn status will change that. The fresh meats and seafood sector is still largely underserved and unorganised that holds a vast opportunity of $40 billion."
