Bangalore, India-based e-commerce food retailer Licious has raised an additional USD 30 million (EUR 26.9 million) via a Series E financing round, bringing its total fundraising to-date to USD 94.5 million (EUR 84.7 million).
Licious will use the funding to expand its presence throughout India and to launch new products, according to TechCrunch.
Founded in 2015, Licious now serves seven cities in India, competing with rival FreshToHome, which serves 10 cities and claims to have 650,000 customers.
Licious does not stock any inventory, instead procuring and processing orders as they come in via its own supply chain network, and sending them to customers via same-day or next-day shipping. The company claims it processes more than 17,000 orders daily.
Licious Co-Founder Vivek Gupta said his company is growing 300 percent annually and is on track to generate USD 140 million (EUR 125.6 million) in annual revenue by 2023.
A lack of consolidation in the fresh food sector in India provides “an immense opportunity for startups to address the sector,” according to Gupta.
“The traditional meat and seafood industry are in dire need of tech intervention, quality standardization, and a skilled talent pool,” Gupta said. “Licious is working towards creating these differentiators and will stay committed towards elevating India’s meat and seafood experience.”
