Licious has altered the paradigm again again by becoming India’s first D2C Unicorn, following a new round of funding. After receiving $52 million in funding from IIFL AMC’s Late Stage Tech Fund, the country’s tech-powered, D2C fresh animal protein brand was valued at a billion dollars.
India’s direct-to-consumer sector is reaching a tipping point, with a market size of $100 billion or more predicted by 2025. The pandemic has had a significant impact on the sector’s growth. Despite this, until Licious, the sector was unable to create a Unicorn. Direct customer contact is an obvious benefit of D2C, as it allows companies to discover gaps and position their offerings properly. They must, however, go through the rigours of developing a solid infrastructure that can support expansion and permit rapid scale-up.
Vivek Gupta & Abhay Hanjura, Co-Founders, Licious, “Even though the funding for 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 & seafood sector is still largely underserved and unorganised that holds a vast opportunity of $40 bn. As the category leader, we aim at paving the way for a second wave of young start-ups that can join hands in fully harnessing the potential that 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.
Chetan Naik of IIFL AMC, says “Licious has disrupted the meat and seafood category, which has largely been unorganized 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. Today, Licious is amongst the fastest growing D2C brands and is one of the few consumer businesses in India with very strong revenue retention metrics. We are excited to partner with them in this journey of creating India’s most-loved meat & seafood Brand”.