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- Licious
Licious Revenue, Valuation, Funding & Investors
Licious is valued at $2B as of March 2022.
Last Licious valuation
$2B
Series F · Mar 2022
Last Licious funding round
$150M
Series F · Mar 2022
Licious revenue
$45M
Series F · Oct 2021
Key investors in Licious
3one4 Capital
Vertex Ventures Southeast Asia & India
Bertelsmann India Investments
Sistema Asia Capital
Mayfield Fund
Vertex Growth Fund
About Licious
Licious is a Bengaluru-headquartered direct-to-consumer platform delivering fresh meat and seafood across 30 Indian cities. Founded in 2015, it operates a farm-to-fork model with temperature-controlled supply chains, processing over 100 tons of meat daily from its own facilities. The company offers cuts like chicken, mutton, fish, and ready-to-cook products via app and website.
Founded
2015
HQ
Website
Status
Privately held
Customer focus
B2C
Revenue model
Product sales
Revenue
$45M (Oct 2021)
Valuation
$2B (Mar 2022)
Licious Valuation
Licious is currently valued at $2B, based on its Series F in March 2022.
The $150M round was led by Amansa Capital, with participation from Kotak Private Equity, Aman Gupta, Nithin Kamath, Haresh Chawla, Axis Growth Avenues and 1 other investor.
Licious' valuation has grown 3.1x from $650M at its Series F in June 2021 to $2B in March 2022, across 4 priced rounds.
Licious valuation by funding round
Revenue multiple| Date | Stage | Valuation | Revenue Multiple |
|---|---|---|---|
| Mar 2022 | Series F | $2B | - |
| Feb 2022 | Series F | $1.3B | - |
| Oct 2021 | Series F | $922M | 20.5x |
| Jun 2021 | Series F | $650M | 14.4x |
Licious Revenue
Licious' latest recorded revenue is $45M, as of its Series F in October 2021. At a $922M valuation, that implies a 20.5x revenue multiple.
Revenue moved from $45M in June 2021 to $45M in October 2021, while the revenue multiple moved from 14.4x to 20.5x.
Licious revenue by funding round
| Date | Revenue * | Valuation | Revenue Multiple | Stage |
|---|---|---|---|---|
| Oct 2021 | $45M | $922M | 20.5x | Series F |
| Jun 2021 | $45M | $650M | 14.4x | Series F |
* Revenue (or ARR) figures are the values recorded alongside each funding round. Typically run-rate revenue at the time of the deal, or a reported LTM (last 12 months) revenue.
Licious Funding History
Licious has raised a total of $490M across 10 funding rounds.
Licious' first fundraising round was a $1M seed round in September 2015. The most recent completed round was a $150M Series F in March 2022.
Licious funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Mar 2022 | Series F | Amansa Capital (lead); Kotak Private Equity; Aman Gupta; Nithin Kamath; Haresh Chawla; Axis Growth Avenues; Nikhil Kamath | $150M | $2B | Licious, India's first direct-to-consumer unicorn in the meat and seafood e-commerce space, raised $150 million (approximately Rs 1,140-1,146 crore) in its Series F2 (or extended Series F/Series F-III) funding round on March 14-15, 2022. The round was led by Amansa Capital, with participation from Kotak Private Equity, Axis Growth Avenues AIF-I, existing investors, and angels including Nithin and Nikhil Kamath of Zerodha, Aman Gupta of boAt, and Haresh Chawla of True North. Avendus served as the exclusive financial advisor. The funds are earmarked for technological interventions to enhance category development and customer experience, strategic acquisitions, and expanding brand reach. Licious, operated by Delightful Gourmet Pvt Ltd and based in Bengaluru, positions itself as the highest-valued D2C startup in India at the time, building on its unicorn status achieved in October 2021 after raising $52 million at a $1 billion valuation from IIFL AMC and Avendus FLF. This followed a $192 million Series F in July 2021 at around $650 million valuation, led by Temasek and Multiples Alternate Asset Management, with participation from Brunei Investment Agency and others. Licious had raised a total of about $488 million across 10 rounds by this point, with investors including 3one4 Capital, Bertelsmann India Investments, and Vertex Ventures. Kotak invested via its Rs 2,000 crore Pre-IPO Opportunities Fund. |
| Feb 2022 | Series F | Gruhas (lead); Aman Gupta; Sameer Mehta; Haresh Chawla; Desai Ventures | $1M | $1.3B | - |
| Oct 2021 | Series F | 360 ONE Asset (lead); Vertex Ventures Southeast Asia & India; Avendus Capital; Bertelsmann India Investments; IIFL Finance; Vertex Growth Fund; Brunei Investment Agency; 3one4 Capital | $52M | $922M | Licious is a Bengaluru-based omnichannel meat and seafood retailer operating a farm-to-fork model with end-to-end cold chain infrastructure, selling through its website, quick commerce platforms, and offline stores. It joined the unicorn club in October 2021 via a $52 million Series G funding round led by Avendus and 360 One (also referred to as 360 ONE Asset), with participation from investors including 3one4 Capital, though the exact date is noted as September 2021. The post-money valuation reached $922 million, funding aimed at strengthening supply chain, expanding city footprint, and improving logistics and fulfillment. Licious has raised over $550 million total from backers like Temasek, 3one4 Capital, and IIFL. Later financials show growth: FY22 saw a 64% revenue surge during the 2021-2022 funding boom, but FY23 growth slowed below 10% with losses over Rs 500 crore. FY25 operating revenue hit Rs 797 crore (up 16% YoY), net loss narrowed to Rs 218 crore, and EBITDA loss fell 45% to Rs 163 crore. Recent traction includes Rs 100+ crore monthly revenue in November 2025 (H1 FY26 at Rs 530 crore, up 42% YoY) and April-December 2025 revenue at Rs 839 crore (up 47% YoY). The company focuses on high-frequency users, 30-minute Flash delivery (50%+ of traffic), repeat customers (85% of revenue), and Infinity subscription (3.2 lakh users). It operates 15+ stores in Delhi-NCR and Bengaluru, plans 50-city online expansion, and benefits from reduced quick-commerce competition in meat/seafood. India's meat market is projected to grow from $55.3 billion in 2024 to $114.4 billion by 2033. |
| Jun 2021 | Series F | Multiples (lead); Temasek (lead); Bertelsmann; Vertex Ventures Southeast Asia & India; Bertelsmann India Investments; Narshing Dass Makkar; Akshay Ghulati; Vertex Growth Fund; Brunei Investment Agency; 3one4 Capital | $192M | $650M | Licious is a Bangalore-based direct-to-consumer (D2C) platform specializing in fresh meat and seafood delivery, operating an end-to-end supply chain across over a dozen Indian cities including Bengaluru, Hyderabad, Chennai, Delhi-NCR, Mumbai, and others. Founded in 2015 by Vivek Gupta and Abhay Hanjura, the company sources products directly from farms and fisheries, maintains cold chain infrastructure for freshness, and delivers within hours of orders. It has expanded into ready-to-eat products and value-added offerings while emphasizing tech-driven supply chain improvements. In July 2021, Licious raised $192 million in a Series F funding round led by Temasek Holdings and Multiples Private Equity, with participation from existing investors like 3one4 Capital, Bertelsmann India Investments, Vertex Growth Fund, Vertex Ventures Southeast Asia & India, Brunei Investment Agency, and some early investors selling stakes. Approximately 70% of the funding was primary and 30% secondary, bringing total funding to over $285 million at the time. The round valued Licious at more than $650 million post-money, up from $285 million in its December 2019 Series E, positioning it as one of the largest in India's online meat market estimated at over $4.4 billion. The capital was earmarked for international expansion into multiple geographies, broadening tech and supply chain networks, city presence growth, quality enhancements, and category diversification. Licious reported 500% growth in the past 12 months leading to the round, delivering over 1 million orders monthly and reaching more than 2 million unique customers, amid rising protein consumption post-pandemic. It competes with players like FreshToHome in a market that grew over 2.5x since the pandemic. Subsequent developments included a $52 million Series G extension in October 2021 led by IIFL AMC’s Late Stage Tech Fund and Avendus, achieving unicorn status at $1 billion valuation, followed by a $150 million Series F2 in early 2022. Licious allocated ESOPs to over 1,000 employees and conducted a Rs. 30 crore buyback in August 2021. |
| Dec 2019 | Series E | Vertex Growth Fund (lead); Vertex Ventures Southeast Asia & India; Sistema Asia Capital; Bertelsmann India Investments; 3one4 Capital | $30M | - | Licious, a Bangalore-based e-commerce platform selling fresh meat and seafood, raised $30 million in its Series E funding round on December 16, 2019, led by Vertex Growth Fund with participation from 3one4 Capital, Bertelsmann India Investments, Vertex Ventures Southeast Asia & India, and Sistema Asia Capital. This brought the company's total funding to $94.5 million. At the time, Licious processed over 17,000 orders daily across cities including Bengaluru, NCR, Hyderabad, Chandigarh, Panchkula, Mohali, Mumbai, Pune, and Chennai, with no inventory stocking and same- or next-day processing and shipping. The startup employed more than 2,000 people and had built its own supply chain for sourcing and production control. Executives reported 300% year-over-year growth and a target of $140 million in annual revenue by 2023, with plans to use the funds for city expansion and new products. It competed with FreshToHome, which handled 14,000 orders daily as of August 2019. Recent financials from 2025 show significant growth, with April-December revenue at Rs 839 crore (up 47% YoY), FY25 revenue at Rs 795 crore (up 16% YoY from Rs 685 crore in FY24), and H1 FY26 revenue at Rs 530 crore (up 42% YoY). November 2025 marked the first time monthly net revenue exceeded Rs 100 crore at Rs 104 crore or Rs 103.4 crore, with Rs 88 crore online and Rs 16 crore offline from over 55 stores in top metros. EBITDA losses narrowed in later years, to Rs 163 crore in FY25 (down 45% from Rs 296 crore in FY24), with FY26 projections at Rs 150-160 crore and April-December 2025 operating losses at Rs 100-110 crore. Licious serves 1.2-1.5 million monthly users across 20 cities, with online contributing 80-85% of sales, focusing on high-frequency users, 30-minute Licious Flash delivery for over half its base, and denser coverage in Bengaluru, Delhi-NCR, and Mumbai. |
| Dec 2018 | Series D | Nichirin (lead); Vertex Ventures; Sistema Asia Capital; Bertelsmann India Investments; University of California; 3one4 Capital | $25M | - | Licious is a Bengaluru-based direct-to-consumer fresh meat and seafood retailer operating on a farm-to-fork model that controls its backend supply chain, including procurement, processing, storage, and cold chain logistics through delivery. Founded in 2015 by Abhay Hanjura and Vivek Gupta, the company sells meat, seafood, produce, and marinades directly to consumers across Indian cities. In December 2018, Licious raised $25 million in a Series D funding round led by Japan's Nichirei Corporation, with participation from existing investors 3one4 Capital, Bertelsmann India Investments, Vertex Ventures Southeast Asia and India, UCLA Investment Company, and Sistema Asia Fund. The company planned to use the proceeds to expand operations to seven new cities including Mumbai, Pune, and Chennai, enhance its product portfolio, and strengthen its supply chain infrastructure. As of December 2018, the company had raised a cumulative total of $64 million across its funding rounds. The company later achieved unicorn status in 2019 when it raised $52 million from IIFL AMC at a valuation exceeding $1 billion, becoming the first direct-to-consumer startup in India to reach that milestone. |
| Sep 2018 | Series C | Bertelsmann (lead); Vertex Ventures (lead); Nichirei; Vertex Ventures Southeast Asia & India; Sistema Asia Capital; UCLA Investment Company; Mayfield Fund; 3one4 Capital; InnoVen Capital | $25M | - | Licious, a Bengaluru-based fresh meat and seafood brand operating as Delightful Gourmet Pvt Ltd, raised $25 million in its Series C funding round on September 26, 2018, led by Bertelsmann India Investments, Vertex Ventures Southeast Asia and India, and UCLA Investment Company, with participation from existing investors Mayfield India, 3one4 Capital, Sistema Asia Fund, and InnoVen Capital. The funds were primarily allocated to boost business growth, facilitate expansion into new markets, deepen market presence in existing cities like Delhi NCR, Bengaluru, and Hyderabad, and introduce new products and services. Investec served as the exclusive financial advisor for the transaction. This Series C round followed a $10 million Series B in March 2017 from Mayfield India, 3one4 Capital, Sistema Asia Fund, and Neoplux Technology Fund. Shortly after, in late 2018, Licious raised another $25 million in a Series D round led by Nichirei Corp, with participation from 3one4 Capital, Bertelsmann India Investments, Vertex Ventures Southeast Asia and India, UCLA, and Sistema Asia Fund, aiming to expand operations to cities including Mumbai, Pune, and Chennai while strengthening supply chain and value-added products. Licious operates a direct-to-consumer farm-to-fork model, focusing on fresh meat, seafood, produce, and marinades, challenging traditional supply chains in India's complex fresh foods sector. Founders Abhay Hanjura and Vivek Gupta emphasized building a transformational brand through conviction and innovation. Investors like Bertelsmann highlighted the redefinition of food production and distribution, while Vertex Ventures noted rising meat consumption and digital grocery trends among Indian consumers with increasing disposable incomes. Later rounds provide context: a December 2019 Series E valued Licious at $250-300 million with FY2019 revenue of $25 million, and a 2021 Series F at around $650 million. |
| Mar 2017 | Series B | 3one4 Capital (lead); Mayfield Fund (lead); Sistema Asia Capital; Neoplux | $10M | - | - |
| Apr 2016 | Series A | Mayfield Fund (lead); 3one4 Capital | $4M | - | - |
| Sep 2015 | Seed | 3one4 Capital (lead); Mohandas Pai; Kanwaljit Singh | $1M | - | - |
Who has invested in Licious?
34 investors have backed Licious across its funding rounds, including 3one4 Capital, Vertex Ventures Southeast Asia & India, Bertelsmann India Investments, Sistema Asia Capital, Mayfield Fund and Vertex Growth Fund.
Lead investors include Amansa Capital, Gruhas, 360 ONE Asset, Multiples, Temasek and 6 other investors.
Licious Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| 8 | Lead | Sep 2015 | ||
| 4 | Participant | Sep 2018 | ||
| 4 | Participant | Mar 2017 | ||
| 4 | Participant | Dec 2018 | ||
| 3 | Lead | Dec 2019 | ||
| 3 | Lead | Apr 2016 | ||
| 2 | Lead | Sep 2018 | ||
| 2 | Lead | Sep 2018 | ||
| 2 | Participant | Feb 2022 | ||
| 2 | Participant | Feb 2022 | ||
| 2 | Participant | Jun 2021 | ||
| 1 | Lead | Jun 2021 | ||
| 1 | Participant | Sep 2018 | ||
This data is available for Pro users. Sign up to see all 34 Licious investors. Start Free Trial | ||||
Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples
Sign up to see data on 350K+ funding rounds and disclosed revenue and EBITDA valuation multiples, from seed, through growth stage, to pre-IPO.
Start Free TrialAcquisitions by Licious
Licious has acquired 1 company to date.
Last acquisition by Licious was on October 14th 2024. Licious acquired My Chicken and More for $2M.
Latest Acquisitions by Licious
| Description | My Chicken and More is a fresh protein supplier serving retail and institutional clients in India. It offers premium chicken, fish, shellfish, mutton, and eggs sourced daily, with processing facilities ensuring hygiene standards and delivery networks covering urban and suburban markets. |
| HQ Country | |
| HQ City | Bangalore |
| Deal Date | 14 Oct 2024 |
| Valuation | $2M |
| EV/Revenue | |
| EV/EBITDA | |
This data is available for Pro users. Sign up to see all Licious acquisitions and their M&A valuation multiples. Start Free Trial | |
Investments by Licious
Licious has invested in 1 company to date.
Latest investment by Licious was on April 27th 2022. Licious invested in Pawfectly Made in their $1M Strategic investment round.
Latest Investments by Licious
| Description | Pawfectly Made is a pet food company specializing in fresh meals crafted from human-grade ingredients. Operating from the United States, it delivers customized nutrition plans tailored to individual pet needs, emphasizing whole foods without preservatives or fillers. |
| HQ Country | |
| HQ City | Bangalore |
| Deal Date | 27 Apr 2022 |
| Round | Strategic investment |
| Raised | $1M |
| Investors | - |
| Valuation | undisclosed |
| EV/Revenue | |
| EV/EBITDA | |
This data is available for Pro users. Sign up to see all Licious investments and their VC round multiples. Start Free Trial | |
Licious Competitors
Licious competitors include listed companies like ACV Auctions and Modivo, and private ones like Misfits Market, Yijiupi, Farfetch China and Saks.com.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Private | - | - | $2B | - | ||
| Private | - | - | $1.1B | - | ||
| Private | - | - | $2B | - | ||
| Private | - | - | $2B | - | ||
| Publicly listed | $760M | ($19M) | $1.8B | 2.1x | ||
| Publicly listed | $2.9B | $224M | $1.8B | 0.9x |
Licious Public Comps
Licious is still privately-owned, but its public comps include CJ CheilJedang, Cisarua Mountain Dairy, Polibeli Group, Universal Robina, Midera Food Processing, Savola Group, Ezaki Glico Co, Monde Nissin, momo.com and ITO EN.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $20B | $1.6B | 0.7x | 0.6x | 8.5x | 6.6x | |||
| $605M | $146M | 3.2x | 2.8x | 13.2x | 12.3x | |||
| $26M | ($4M) | 76.5x | - | (495.5x) | - | |||
| $2.7B | $328M | 0.8x | 0.8x | 6.7x | 5.9x | |||
| $853M | $89M | 2.6x | 2.5x | 25.3x | 14.0x | |||
| $7B | $671M | 0.5x | 0.5x | 5.4x | 5.7x | |||
| $2.3B | $174M | 0.7x | 0.7x | 9.3x | 8.2x | |||
| $1.4B | $230M | 1.3x | 1.2x | 7.7x | 7.3x | |||
This data is available for Pro users. Sign up to see all Licious competitors and their valuation data. Start Free Trial | ||||||||
Common questions about Licious
| When was Licious founded? | Licious was founded in 2015. |
| Where is Licious headquartered? | Licious is headquartered in Bangalore, India. |
| Is Licious publicly listed? | No, Licious is a private, VC-backed company. |
| What is Licious' valuation? | Licious was last valued at $2B in its Series F in March 2022. |
| How much funding has Licious raised? | Licious has raised $490M across 10 funding rounds. |
| What was Licious' last funding round? | Licious' last funding round was a $150M Series F in March 2022, led by Amansa Capital. |
| Who are Licious' investors? | Licious' investors include 3one4 Capital, Vertex Ventures Southeast Asia & India, Sistema Asia Capital, Bertelsmann India Investments, Vertex Growth Fund, Mayfield Fund, Bertelsmann, Vertex Ventures, Aman Gupta, Haresh Chawla and 24 others. |
| What is Licious' revenue? | Licious' latest recorded revenue is $45M (October 2021). |
| What is Licious' revenue multiple? | Licious' latest valuation implies a 20.5x revenue multiple ($922M valuation on $45M of revenue). |
| Which companies are comparable to Licious? | Companies comparable to Licious include Misfits Market, Yijiupi, Farfetch China, Saks.com, ACV Auctions and Modivo. |
| How many companies has Licious acquired? | Licious has acquired 1 company, including My Chicken and More. |
| What was the largest acquisition by Licious? | The $2M acquisition of My Chicken and More in October 2024 is the largest acquisition Licious has made to date. |
| How many companies has Licious invested in? | Licious has invested in 1 company, including Pawfectly Made. |
| What was Licious' last investment? | In April 2022, Licious invested in Pawfectly Made's $1M strategic investment round. |
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