Direct-to-consumer meat and seafood brand Licious has entered the coveted unicorn club. It is the first startup in India to become a unicorn from the D2C segment. The company has achieved this achievement after the company raised an investment of $ 52 million led by the Late Stage Tech Fund of IIFL AMC. Licious is the 29th company to achieve the prestigious Unicorn status in the year 2021.
Commenting on the investment, Vivek Gupta and Abhay Hanjura, co-founders of Licious, said, “However, funding for the D2C sector has increased significantly. Yet FMCG is not considered the most lucrative category, we expect Lycius’ unicorn status to change that. The fresh meat and seafood sector is still largely underfunded and unorganized with a huge $40 billion opportunity.
He further added that, “As category leaders, we aim to pave the way for the second wave of young startups who can join hands in fully harnessing the potential the industry has to offer. We will continue to build the category through investments in technology for supply chain excellence, product innovation, talent and vendor partner upgrades.
Earlier this year, Licious allocated ESOPs to over 1,000 employees, including its blue-collar employees. This was followed by a buyback of Rs 30 crore in August. The startup claims to have achieved 500 per cent growth in the last year and has delivered over 2 million unique customers so far.