Bengaluru-based meat and seafood brand Licious raised a Series-D round of funding from Nichirei Corporation, along with existing investors 3one4 Capital, Bertelsmann India Investments, Vertex Ventures Southeast Asia and India, UCLA, Sistema Asia Fund.
Fresh meat and seafood startup - Licious, announced on Monday, that it raised $25 million in a Series-D round led by Japan's Nichirei Corporation. Existing investors 3one4 Capital, Bertelsmann India Investments, Vertex Ventures Southeast Asia and India, UCLA, Sistema Asia Fund also participated in the round.
With the new fund raise, the Bengaluru-based startup plans to start operations across seven cities including Mumbai, Pune and Chennai in the new year. It will also make additions to the portfolio of its products and supply chain.
"The confidence we continue to receive from our new and existing investors fortifies our unstinting commitment to offer world-class quality meat and seafood to our customers every time... these funds will greatly aid our vision to build an Indian food brand with a global outlook," said Abhay Hanjura and Vivek Gupta, co-founders of Licious at a press meet.
Usually focusing in series B and series C stage of investments, Bertelsmann India Investments participated in the Stage D round of funding by Licious. The meat brand was Bertelsmann India Investments' first investment in the fresh foods segment.
"With Nichirei Corp, we are excited to have a strong partner which will help build next generation cold supply chain and other innovations in the food category. The investment is a testimonial to Vivek and Abhay's vision....," said Pankaj Makkar, MD of Bertelsmann India Investments.
Founded in 2015 with a vision to disrupt the meat and seafood market, backed by technology, Licious has built a farm-to-fork business model. Headquartered in Bengaluru, Licious, operated by Delightful Gourmet, has its presence across Delhi NCR and Hyderabad.
Earlier this year, Licious introduced products to its portfolio, including spreads, marinades and pickles. It went on to become the only Indian meat and seafood brand to be certified with FSSC22000 Food Safety System Certification. Delivering products at the customer's doorstep within 120 minutes, Licious enjoys 90 percent repeat business every month.
"Safety and quality has always been the cornerstone for Nichirei since its inception and it is wonderful to share the same philosophy with Licious. With our individual experiences and business know-how, Nichirei and Licious can create beautiful synergy in future," said a Nichirei Corp's spokesperson.
Licious recently raised $25 million in Series C funding this September. It was led by Bertelsmann India Investments, along with Vertex Ventures, UCLA. Its existing investors, Mayfield India, 3one4 Capital, Sistema Asia Fund and InnoVen Capital also participated in the round.