Licious Company Profile

Background

Overview

Licious, founded in 2015 by Vivek Gupta and Abhay Hanjura, is a Bengaluru-based direct-to-consumer (D2C) brand specializing in fresh meat and seafood delivery across India. Operating on a farm-to-fork model, Licious manages the entire supply chain—from sourcing and processing to cold storage and last-mile delivery—ensuring high-quality, hygienic, and fresh products for its customers.

Mission and Vision

Licious aims to revolutionize the meat and seafood industry in India by providing a trustworthy, convenient, and hygienic alternative to traditional markets. The company's vision is to become the leading platform for fresh meat and seafood, offering a seamless and premium experience to consumers nationwide.

Industry Significance

As India's first D2C unicorn in the meat and seafood sector, Licious has played a pivotal role in organizing and modernizing a traditionally unstructured industry. Its innovative approach has set new standards for quality, transparency, and customer service, influencing the broader food-tech landscape in the country.

Key Strategic Focus

Core Objectives

Quality Assurance: Maintaining stringent hygiene and quality standards across all operations.

Customer Convenience: Offering a user-friendly platform for easy ordering and timely delivery.

Supply Chain Control: Owning and managing the entire supply chain to ensure product freshness and safety.

Areas of Specialization

Fresh Meat and Seafood: Providing a wide range of products, including chicken, mutton, fish, and eggs.

Ready-to-Cook and Ready-to-Eat Products: Offering marinated meats, kebabs, spreads, and other value-added items.

Plant-Based Alternatives: Introducing 'UnCrave,' a plant-based meat brand catering to health-conscious consumers.

Key Technologies Utilized

Cold Chain Logistics: Implementing a robust cold chain system to maintain product freshness.

Data Analytics: Utilizing data science for inventory management, demand forecasting, and personalized marketing.

E-commerce Platform: Developing a seamless online ordering system accessible via mobile apps and website.

Primary Markets Targeted

Licious primarily serves urban consumers across major Indian cities, including Bengaluru, Delhi NCR, Mumbai, Pune, Chennai, Hyderabad, and Kolkata. The company has expanded its reach to 28 cities, catering to a diverse customer base seeking quality meat and seafood products.

Financials and Funding

Funding History

Licious has raised a total of approximately $488 million across multiple funding rounds, with notable investors including Temasek, IIFL Asset Management, Mayfield India, Bertelsmann India Investments, and Vertex Ventures. The most recent funding round in March 2022 raised $150 million, led by Amansa Capital, Kotak PE, and Axis Growth.

Financial Performance

Fiscal Year 2024:

Revenue: ₹748.13 crore

Expenses: ₹1,045.57 crore

Net Loss: ₹298.59 crore

Despite a decline in revenue compared to the previous fiscal year, Licious has managed to reduce its losses, indicating improved operational efficiency.

Pipeline Development

Product Expansion

Ready-to-Cook and Ready-to-Eat Products: Licious has seen significant growth in these categories, with products like kebabs, chicken spreads, and tandoori items becoming customer favorites.

Plant-Based Meat Brand 'UnCrave': Launched in October 2022, UnCrave offers vegetarian 'chick~n' and 'mutt~n' seekh kebabs, catering to the growing demand for alternative proteins.

Geographic Expansion

Licious plans to open 500 physical stores across 20 cities, with 75% of these stores in urban centers like Delhi NCR, Bengaluru, Mumbai, Pune, Chennai, and Kolkata.

Technological Platform and Innovation

Proprietary Technologies

Cold Chain Management: Licious operates its own cold chain system, ensuring product freshness from processing to delivery.

Significant Scientific Methods

Data Analytics: The company employs data science for inventory management, demand forecasting, and personalized marketing strategies.

Leadership Team

Vivek Gupta and Abhay Hanjura

Positions: Co-founders and Co-CEOs of Licious.

Backgrounds: Both are alumni of the Indian Institute of Technology (IIT) Delhi. Prior to founding Licious, Gupta worked with Helion Ventures, and Hanjura was associated with Manipal Global Education Services.

Contributions: They have been instrumental in building Licious from a startup to a unicorn, focusing on quality, supply chain management, and customer experience.

Competitor Profile

Market Insights and Dynamics

The Indian meat and seafood market is valued at approximately $80-$85 billion, with the plant-based meat sector expected to grow to $400 million over the next two years.

Competitor Analysis

FreshToHome: Offers fresh meat and seafood products with a focus on quality and hygiene.

ZappFresh: Provides fresh meat delivery services, emphasizing quality and customer satisfaction.

TenderCuts: Delivers fresh meat and seafood, focusing on quality and convenience.

Strategic Collaborations and Partnerships

Licious has partnered with quick commerce platforms like Swiggy's Instamart and Zomato-owned Blinkit to expand its reach and offer faster delivery options to customers.

Operational Insights

Strategic Considerations

Licious' direct-to-consumer model allows for better control over product quality and customer experience, differentiating it from traditional meat suppliers. The company's focus on technology and data analytics enhances operational efficiency and scalability.

Strategic Opportunities and Future Directions

Expansion Plans

Offline Stores: Opening 500 physical stores across 20 cities to increase brand visibility and customer engagement.

Product Diversification: Expanding the product portfolio to include more ready-to-cook and ready-to-eat items, as well as plant-based alternatives.

Market Positioning

Licious aims to strengthen its position as a market leader by focusing on quality, innovation, and customer-centric strategies, capitalizing on the growing demand for fresh and hygienic meat and seafood products in India.