Bengaluru-based fresh meat and seafood brand Licious has raised $25 million in Series D funding round led by Japanese conglomerate Nichirei Corporation.
Bengaluru, 10 Dec, 2018. RedNewswire/-
Existing investors 3one4 Capital, Bertelsmann India Investments, Vertex Ventures Southeast Asia and India, UCLA, Sistema Asia Fund also participated in this round of fund raising, the Bengaluru-based startup said in a statement.
The startup is currently serving partly in Bengaluru, NCR, and Hyderabad. With the latest proceeds, it’s planning to expand its operations in 7 cities including Mumbai, Pune, and Chennai by the early next year.
Till date, Licious has raised $64 million.
Founded in 2015 by Abhay Hanjura and Vivek Gupta, Licious now operates 11 warehousing centres in Bengaluru and not only procures fresh produce but also processes, stores and delivers it. It claims to have a customer base of 60,000 with 90% repeat business on a monthly basis.
The company is built on the farm-to-fork business model, owning the entire back-end supply chain powered by stringent cold chain control to maintain the quality and freshness of each product from the time of procurement, processing, storage to the time it reaches the end consumer, the statement said.
“These funds will greatly aid our vision to build an Indian food brand with a global outlook.” said Abhay Hanjura and Vivek Gupta, co-founder, Licious.
In September this year, the company had raised $25 million in series C round of funding.
In March last year the startup had raised $10 million in Series B funding round. Also raised seed funding, followed by Series A funding of over $3 million.