Venture Capital Firm Helps Licious To Close At $25-30 Million Funding Round
Farm-to-fork model brand Licious is expected to close a fresh round of funding at $25 to $30 million. It will be the second proprietorship financing round the company has closed in the last 12 months.
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In order to raise a part of its Series D funding, the Bengaluru-based meat startup is likely to be led by Vertex Ventures, the venture capital arm of the government of Singapore-backed investment giant Temasek, and its parent company, Delight Gourmet.
The company announced the final close of the fund in September 2019 following which it will be focusing on later stages of startups.
After the investment over the next few days, the company will reach from its current value of $150 million to $250 to $300 million. Post the closure of the latest round of financing, Licious will have raised $90-95 million across rounds.
Sources also indicated that the ongoing round is likely to be a precursor to the company raising a far larger amount in 2020, which could see strategic investors come into the company’s cap table.
Licious provides end-to-end services including procuring fresh meat to processing, storage and delivery of the meat by owning the entire back-end supply chain, including cold storage. The company has said it delivers an average of 6,000 orders a day and has an average basket size of Rs 700. Proceeds from the round are expected to be used by it to expand its presence, further build its supply chain infrastructure and marketing, among others.