The online meat brand Licious today announced that it has raised $10 million in Series B funding led by Mayfield India and Sistema Asia Fund. The round also saw participation from existing investor 3one4 Capital and Neoplux Technology Fund, which has invested in India for the first time. This will also be Sistema Asia’s first foray into the consumer space in India.
This is the third round of funding for the company. The startup was earlier funded by an angel investor, after which it secured $3.4 million in Series A funding led by Mayfield and 3one4 Capital. The funds raised will primarily be used to boost business growth and facilitate its expansion plans in other markets like Hyderabad and Delhi-NCR, which it has recently launched.
“We have taken our time in raising this round of funding and we want to utilise it efficiently. With every funding round, there is an added responsibility on the entrepreneur to focus on growth and be diligent at the same time,” adds Vivek Gupta, Co-founder of Licious.
Bengaluru-based Licious was founded by Abhay Hanjura and Vivek in 2015. It has a state-of-the-art central processing unit, where the product is reviewed on the parameters of health, safety, environment, and quality for adherence to its fresh chain management norms and then moved to production which comprises a team of expert chefs and skilled butchers who pay attention to detail and understand the importance of neat, clean, and prime cuts.
The entire fresh chain management is maintained at every step of the way including the last mile. The team’s endeavour is to run a highly efficient, zero-inventory model by the virtue of which it ensures that no product stays in cold storage for protracted periods and every consumer gets only…