The funds will be used for building products, innovation and expansion to new cities, according to Abhay Hanjura, Co-founder of Licious.
“We are now operating at optimal levels at Bangalore and follow the ‘zero inventory’ model successfully. It is now time to move to other parts of the country and a major part of the funds will go towards that,” he added.
A part of the funding will also go into marketing and occupying consumer mind space. “Since we are a technology powered company and tech will help us scale, there is going to be investment on building our tech capabilities as well as investing in our resources that has grown to 160-plus in Bangalore,” Co-founder Vivek Gupta added.
Launched in 2015, Licious aims to solve the perennially existing problem of finding safe, delectable, trustworthy fresh meat in India. Licious aims at being your one stop shop for all your meat cravings – be it fresh juicy tender chicken or succulent lamb chops or the day’s catch of fresh seafood.
At present, it offers five broad product categories – fresh chicken, lamb, seafood, marinates and cold-cuts. The company aims at adding innovative product categories in their offerings in the days to come.
Meat products are sourced after stringent internal quality checks and processed at the state of the art processing unit owned and operated by Licious. The orders can be placed via phone, website or mobile app. Delivery is through patented, secure, vacuum sealed, temperature controlled containers with the maximum guaranteed delivery time of 90 minutes.
The company has previously raised angel investments from marquee investors such as Kanwaljeet Singh, Mohandas Pai and Kaushal Agarwal.