Licious: India’s Latest Unicorn in the Meat and Seafood Industry

Introduction to Licious

Licious, an online meat and seafood brand based in New Delhi, has joined the esteemed Indian unicorn club with a valuation exceeding a billion dollars. This milestone positions Licious as the first direct-to-consumer (D2C) brand in India to achieve such a valuation.

Direct-to-Consumer Model

D2C brands like Licious sell their products directly to customers without relying extensively on third-party intermediaries. In contrast, traditional retailers follow a longer supply chain involving manufacturers, wholesalers, distributors, and retailers before reaching the end consumer.

Valuation Milestone

Licious attained its billion-dollar valuation after securing $52 million in funding led by IIFL AMC’s Late Stage Tech Fund. Avendus Capital served as the exclusive financial advisor for the transaction. Founded six years ago by Abhay Hanjura and Vivek Gupta, Licious operates on a farm-to-fork business model, controlling the entire supply chain from sourcing to sales.

Business Model and Product Range

Specializing in chicken, goat, lamb, and pork meat, Licious also offers a variety of fish and seafood products, including exotic options like turkey and blue crab. The company’s farm-to-fork approach ensures quality control throughout the procurement, processing, and storage stages.

Funding and Growth Trajectory

Having raised over $310 million to date, Licious experienced a significant funding boost in its Series F round, securing $192 million in July of the current year. Temasek led the funding round, with participation from 3one4 Capital, Bertelsmann India Investments, Vertex Growth Fund, and others.

Market Opportunity and Future Outlook

Hanjura and Gupta emphasized the significant market potential within the fresh meats and seafood sector, estimating it to be a $40 billion opportunity. They highlighted the sector’s underdeveloped and unorganized nature, presenting ample room for growth and innovation.

Implications for the D2C Industry

Licious’ unicorn status reflects the increasing recognition and demand for D2C brands in India. With brands like Mamaearth and MyGlamm poised to follow suit, the D2C segment within the retail and ecommerce industry is witnessing rapid expansion and heightened investor interest.