Meat and seafood brand Licious has scooped up a new round after a gap of 18 months, raising $65 million from Multiples Alternate Asset Management, Brunei Investment Agency, Vertex Ventures and a few others.
The board of Licious has passed a special resolution to allot 100 equity shares and 8,879 Series F preference shares at an issue price of Rs 5,22,719.05 per share to raise Rs 469.34 crore or $65 million, regulatory filings show.
Multiples Alternate Asset Management has invested $32 million followed by Brunei Investment Agency and Vertex Ventures which put in $15 million and $10 million respectively. Bertelsmann Netherland, 3one4 Capital and angels including Akshay Ghulati and Narshing Dass Makkar have invested the remaining amount.
The regulatory filings also show a secondary transfer of shares from Mayfield India Ltd. and Mayur Mukundbhai Desai to Multiples Private Equity Fund.
This takes the total funding in Licious to $160 million to date which includes $30 million in its Series E round led by Singapore-based Vertex Growth Fund in December of 2019.
It’s worth noting that Licious was reportedly in talks with multiple venture capital firms to raise a fresh round at around $800 million valuation.
According to Fintrackr’s estimates, Licious has been valued at nearly Rs 4,375 crore or $600 million during the Series F round. Post allotment, co-founders Abhay Hanjura and Vivek Gupta’s collective shareholding has been diluted from 23.8% to 21.2%.
New investors Multiples Private Equity Fund and Brunei Investment Agency have acquired 10.55% and 2.51% stake respectively. Existing investors Vertex and Bertelsmann control 11.31% and 8.1% stake respectively while 3one4 Capital holds 8.97% stake.
Bengaluru-based Licious operates in 16 cities, including Bengaluru, NCR, Mumbai, Hyderabad and Chandigarh. The six-year-old company has built a farm-to-fork model including handling the entire back-end supply chain. Early last year, it had also forayed into the ready-to-eat segment.
FreshToHome, also Bengaluru-based, has emerged as the biggest competitor to Licious. The company had scooped up $121 million in its Series C round in October 2020. Zapfresh, BBDaily, MeatRoot and Easymeat also compete with Licious in this space.