Multiples PE leads big funding in meat e-tailer Licious at $600 mn valuation

 Multiples PE leads big funding in meat e-tailer Licious at $600 mn valuation

Online meat retailer Licious is sealing a nearly $100-million funding round that would see it adding two new investors to the cap table, regulatory filings show.

Multiples Private Equity is leading the investment round with a cheque of around $63 million. Around half of this is going into the company and the rest will be pocketed by early investors in Licious—VC fund Mayfield and angel investor Mayur Desai.

The primary infusion in the firm is around $63 million with the overall deal valuing the company at around $600 million, as per The Capital Quest estimates.

Among the existing investors, Vertex Ventures, the VC arm of Temasek; Bertelsmann’s VC arm and 3One4 Capital participated in the new round.

The Capital Quest has contacted Licious and Multiples PE via separate email queries. This article will be updated if they respond.

Tech publication Entrackr first reported the development and said the deal is worth $65 million with Multiples and Brunei’s sovereign wealth fund being the new investors.

Licious, operated by Delightful Gourmet Pvt. Ltd, had last raised $30 million in a Series E funding round led by Singapore-based Vertex Growth Fund in December 2019. 3one4 Capital, Bertelsmann India Investments and Sistema Asia Fund had also participated then.

Licious was founded by Abhay Hanjura and Vivek Gupta six years ago. It had raised $64 million in venture funding prior to that.

The venture competes with the likes of FreshToHome and Zapfresh, among others, in a fragmented market. It had initially raised seed funding from TV Mohandas Pai, whose sons now run 3One4 Capital, and Kanwaljit Singh, founder of Fireside Ventures, among others.

Bengaluru-based Licious operates in 16 cities and follows a farm-to-fork model that also comprises management of entire back-end supply chain operations.

The Capital Quest