India: Multiples PE leads $65m funding in online meat retailer Licious

Photo: Pramugdha Mamgain/Dealstreetasia

Meat and seafood brand Licious has raised about $65 million in funding from Multiples Alternate Asset Management, Brunei Investment Agency, Vertex Ventures, and other investors, per media reports.

The board of Licious has passed a special resolution to allot 100 equity shares and 8,879 Series F preference shares at an issue price of Rs 5,22,719.05 per share to raise Rs 469.34 crore, Entrackr reported quoting the company’s latest regulatory filings.

Multiples Alternate Asset Management has contributed $32 million to the round, and also bought shares from Mayfield India Ltd. and Mayur Mukundbhai Desai in a secondary transaction. Brunei Investment Agency and Vertex Ventures have invested $15 million and $10 million respectively. The balance was contributed by Bertelsmann Netherland, 3one4 Capital and angels including Akshay Ghulati and Narshing Dass Makkar.

Licious’ total funding stands at about $160 million to date.

Established in 2015, Licious currently sells online meat and seafood to consumers in about 16 cities that include the four metros. The startup is also present in the ready-to-eat market, wherein it sells spreads and kebabs, among other items.

While the company primarily caters to consumers through its online channel and apps registered on food delivery platforms, it also operates some small-format, physical stores in cities such as Bengaluru and Delhi-National Capital Region.

DealSteetAsia reported in April that Licious is also looking to foray into the Southeast Asian market. The startup is understood to be looking at markets such as Singapore, Thailand and Indonesia, “the larger ones within the region that possess the infrastructure to support Licious’s operations”.

According to data available with RedSeer, an Internet-focused consulting firm in India, the online meat market in the country has witnessed 2.5-3 times growth since the onset of the COVID-19 crisis in the country last year. Going forward, it is expected to touch INR 460k+ Cr. by 2024 from INR 330k cr.

Apart from Licious, other meat delivery platforms operating in India include Meatigo, FreshtoHome, ZappFresh, among others.

Last October, its biggest competitor Freshtohome had raised $121 million in Series C funding led by Investment Corporation of Dubai (ICD) – the principal investment arm of the Government of Dubai, private equity firms Investcorp and Ascent Capital, US Government’s development finance institution – DFC, the Allana Group and other investors.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.