In news pertaining to thriving Indian startup ecosystem, Licious became 30th Indian unicorn by raising $52 million at $1 billion valuation. What makes the funding even more fascinating is that Licious is the one of the first D-2-C (direct to consumer) startups to acquire the unicorn status. For the unversed, any startup or organization which is valued $1 billion or more enters the unicorn status. The Bengaluru based startup is in the business of delivering high-quality fresh animal protein to its customers.
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India is currently the third largest startup ecosystem in the world. More importantly, it’s only trailing behind US and China and has left in dust the likes of Japan, UK, Australia and other developed super powers. At the pinnacle of the startup ecosystem reside unicorns – coveted startups with valuation of over $1 billion.
As of Wednesday, October 6, India has as many as 67 unicorns. Earlier this week, India welcomed its newest unicorn Licious, which also is the 30th unicorn in a year that hasn’t even ended yet.
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The Facts of the Matter
Setting an example for up-and-coming startups in the D-2-C category, Bengaluru based Licious became a unicorn thanks to its fresh fundraising round. The company recently had its Series G round where it raised $52 million at a valuation of $1 billion.
The Series G round was led by Late Stage Tech Fund by AMC. Chetan Naik of AMC was quoted in a Business Today report saying, “Licious has disrupted the meat and seafood category, which has largely been unorganised and underserved. Vivek and Abhay have demonstrated high levels of customer-centricity and an unparalleled focus on supply chain necessary for a perishable product. Licious’ focus on product quality, freshness and innovation has created a strong brand making them the undisputed category leader.”
Reportedly, the new influx of funds will be used by the company to enhance its animal-based protein offering even further.
What is Licious – India’s Newest Unicorn?
Licious is a Bengaluru-based startup which was founded in 2015 by Abhay Hanjura and Vivek Gupta. The startup is a D-2-C animal-based meat delivery brand focusing on delivering fresh and clean meat to customers.
To say the company was an instant hit will be an understatement as it clocked in a revenue of Rs. 1.47 crores only in its first year. Since then, the revenue has been inching closer to Rs. 200 crore mark and clocked at Rs. 180 crores in FY 2019.
With an average delivery rate of over 10,000 orders per day, the company has been no problem acquiring funding. Especially when its average order is somewhere in the Rs. 700 range.
So far, the company has aligned itself with as many as 180 vendors and has 56 delivery centers across the country. The success of the startup is such that it has also been able to open an experience store.
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What Do the Founders Say on the Recent Funding?
Co-Founders Abhay and Vivek were quoted in a YourStory report saying, “Although the funding for the D2C sector has grown significantly, FMCG is still not considered the most attractive category. We expect that Licious’ unicorn status will change that. The fresh meats and seafood sector is still largely underserved and unorganised that holds a vast opportunity of $40 billion.”
The co-founders further added that they will be paving the way for a new second wave of startups. “We will continue to build the category through investments in technology for supply chain excellence, product innovation, talent, and vendor partner upgrades,” they added.
