Bangalore, India-based e-commerce food start-up Licious has raised USD 150 million (EUR 135.7 million) in a Series F2 fundraising round to fuel its expansion.
The fundraising round was conducted six months after Licious was declared India’s first direct-to-consumer start-up with valuation of more than USD 1 billion (EUR 904.8 million).
The latest round was led by Singapore-based Amansa Capital and Kotak PE and Axis Growth Avenues AIF, and was joined by existing investors and several angel investors such as Nithin and Nikhil Kamath of Zerodha, BoAt’s Aman Gupta, and Haresh Chawla of True North (formerly the India Value Fund).
Licious will use the funding to invest in technology to support category development and enhance customer experience. The funds will also be put toward the company’s strategic acquisition plans, the Business Standard reported 16 March. The company said the funding will give Licious an advantage against its competitors, which include FreshToHome, Zappfresh, Captain Fresh, BigBasket, Swiggy, Amazon, and Dunzo.
"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,” Licious co-founders Vivek Gupta and Abhay Hanjura said in a joint statement. “The growing interest of investors from India and abroad is an added assurance that obsession with customers, quality, and service standards are the pillars of the best businesses.”
In July 2021, Licious raised USD 192 million (EUR 173.7 million) in a Series F fundraising round to invest in technology-based supply chain transformation, quality enhancement, and customer experience improvement, along with domestic and international expansion schemes. The round was led by Singaporean investment firm Temasek and India-based Multiples Private Equity, and participated in by other investors such as Brunei Investment Agency, 3one4 Capital, Bertelsmann India Investments, Vertex Growth Fund, and Vertex Ventures Southeast Asia and India.
Founded in 2015, Licious now operates in 17 cities, including Bengaluru, New Delhi, Mumbai, Hyderabad, and Chandigarh. It operates on a farm-to-fork model and began to sell its ready-to-eat products in early 2020. The company has reported a growth of more than 300 percent over the past six years and now serves more than two million orders every month across the country.
Photo courtesy of Licious
