Bengaluru-based online meat delivery startup Licious has raised INR 178 crores ($25 million to be exact) in a series D round of funding from Japanese investor Nichirei Corp. Existing investors including 3one4 Capital, Vertex Ventures Southeast Asia and India, UCLA, Sistema Asia Fund and Bertelsmann India Investment also participated in the funding round.
The startup will use the freshly raised capital to expand its operations across seven Indian cities including Mumbai, Pune, and Chennai among others. The company has grabbed around INR 465 crores in total funding in all funding rounds. Earlier in September this year, Licious raised INR 181 crores ($25 million) in series C round of funding.
Founded by Vivek Gupta and Abhay Hanjura in 2015, the startup procures, process, store and deliver meat products under the farm-to-fork model by controlling the backend supply chain and cold chain. The startup claims to have 90 per cent repeat customers every month and has witnessed the orders grow from 1,000 to 5,500 daily orders in a short span. An average order size on the platform is of INR 550.
The Indian meat market is worth $30 billion and the demand for meat will grow by 80 per cent by 2022. The meat market will touch $65 billion by 2022. However, the market is highly unorganized and is dominated by offline businesses like butcher shops and players like FoodHall which imports high-end cold cuts and meats. Startups like Licious, BigBasket and Zappfresh is tapping into this space.