Licious acquires My Chicken and More

D2C meat and seafood brand Licious has acquired Bengaluru-based offline retailer My Chicken and More for an undisclosed amount.

The acquisition marks Licious' strategy to build an omnichannel presence complimenting its digital commerce that reaches 4 million households currently. With My Chicken and More’s 23 stores, Licious will expand its physical retail footprint to 26 points of sale.

My Chicken and More is known for its in-store experience. Between 2021 and 2023, the brand claims to have expanded from 10 to 23 outlets, generating revenues of Rs. 110 crore in 2023. My Chicken and More claims to processes 1.6 to 1.8 million orders annually, with some stores with an average monthly footfall of 10,000 to 12,000 customers.

Founded in 2015 by Abhay Hanjura and Vivek Gupta, Licious sells meat, seafood and ready-to-cook items across 25 cities. The sale of these products formed the majority source of revenue for Licious in FY23.

The company turned unicorn following a $52 million round led by IIFL AMC’s Late Stage Tech Fund in October 2021. During the same year, it also scooped up $192 million in Series F round. In total, it has raised $490 million to date.

Despite back-to-back funding during FY23, Licious’s operating income remained flat with mere 9.6% growth to Rs 747.7 crore from Rs 682.5 crore in FY22.  It also saw a modest increase of 3.1% in its losses to Rs 500 crore in FY23 from Rs 485 crore in the previous fiscal year. 

Its flagship loyalty program Infiniti has amassed 2 lakh weekly active subscribers, contributing to 58% of the monthly business.