Licious, India's first D2C Unicorn, raises $150 mn in Series F2

Licious, India’s largest tech-first, fresh animal protein brand, announced their Series F2 fund raise of $150 mn, today. This round of fundraise comes just 6 months after the company became the first D2C unicorn in the country. Series F2 is led by Singapore based Amansa Capital, along with Kotak PE & Axis Growth Avenues AIF - I. Existing investors have also participated in the round along with prominent angel investors including Nithin & Nikhil Kamath of Zerodha, BoAt’s Aman Gupta and Haresh Chawla, Partner, True North.

Over the last 6 years, Licious has led the D2C revolution in the country, emerging as the first unicorn in the sector. Licious built India's first farm to fork model with its proprietary tech-driven supply chain and introduced global standards of meats and seafood for Indian consumers. This was a lot more than just building a brand, it was transformation of an entire sector. Farmers and fishermen were benefited through training on global practices, a fair price for their produce & a steady stream of income.

Today, the company has been a torch bearer for the food-tech D2C industry, being the first in the sector to pledge ESG compliance. Last year, Licious also became the first Indian company to offer ESOPs to their production and delivery workforce, while introducing the 'Everyday Vesting, Anytime Liquidation' ESOP-wealth creation scheme in another industry first.

Say, Vivek Gupta & Abhay Hanjura, Co-Founders, Licious, "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. The growing interest of investors- from India and abroad alike is an added assurance that obsession with customers, quality and service standards are the pillars of the best businesses. We are delighted to welcome Amansa Capital, Kotak PE and Axis Growth Avenues AIF - I along with the angel investors to the Licious family and thank our existing investors for reaffirming their faith in our vision.

The role of a category pioneer is bestowed with many responsibilities as well, which Licious continues to honor. We are committed to building a sustainable, responsible business that will reimagine the animal protein category in India through an optimal mix of global influence & product innovation best suited for India. Through it all, we pledge to not lose sight of our mission statement that we adopted on day one- if we can’t feed it to our families, we won’t sell it to our consumers.”

Mr. S Sriniwasan, MD, Kotak Investment Advisors Limited, said “We are excited to partner with Licious, India’s #1 D2C brand.  Due to Licious’ focus on quality and strong execution, its successfully creating a habituated and loyal customer base.  We believe under the leadership of Abhay and Vivek, Licious is best positioned to serve the fresh meat and seafood need of India.  We are excited to partner with Licious on this journey.”

Kotak Investment Advisors Limited, is a USD 5 bn AUM alternate asset manager. They have invested in Licious through Kotak Pre-IPO Opportunities Fund a Rs. 2,000 crore fund. 

Avendus acted as the exclusive financial advisor to Licious for the transaction.

The funds raised through Series F2 will be utilised for investment in technological intervention that will help category development and improve overall customer experience. The company will also invest in strategic acquisition and widening & deepening the brand's reach.

In July 2021, Licious raised $192 mn in their Series F funding Round, led by Temasek & Multiples, making it the highest funded company in the fresh animal protein business category. Brunei Investment Agency also participated in the round along with existing investors 3one4 Capital, Bertelsmann India Investments, Vertex Growth Fund, and Vertex Ventures Southeast Asia and India. Shortly after this, in Oct 2021, the company achieved a billion dollars valuation post receipt of funding worth $52mn led by IIFL AMC’s Late Stage Tech Fun & Avendus FLF (Future Leaders Fund).