India’s first direct to consumer (D2C) unicorn, Licious, has raised $150 million in Series F2 funding round, led by Amansa Capital, Kotak PE & Axis Growth Avenues AIF - I. 

Existing investors have also participated in the round along with prominent angel investors including Nithin & Nikhil Kamath of Zerodha, BoAt’s Aman Gupta and Haresh Chawla, Partner, True North.

This round of fundraise comes just six months after the Bengaluru-based D2C meat and seafood brand became the first D2C unicorn in the country.

The funds raised through Series F2 will be utilised for investment in technological intervention that will help category development and improve overall customer experience. The company will also invest in strategic acquisition and widening and deepening the brand's reach, the company said in a statement.

"Today, Licious is the highest valued D2C start-up in India. This valuation is a direct outcome of the value that we have created for our stakeholders- investments made towards building the category have borne us rich dividends and have propelled growth for the company and its people. The growing interest of investors- from India and abroad alike is an added assurance that obsession with customers, quality and service standards are the pillars of the best businesses. We are delighted to welcome Amansa Capital, Kotak PE and Axis Growth Avenues AIF - I along with the angel investors to the Licious family and thank our existing investors for reaffirming their faith in our vision,” said Vivek Gupta and Abhay Hanjura, co-Founders, Licious.

“We are excited to partner with Licious, India’s #1 D2C brand.  Due to Licious’ focus on quality and strong execution, its successfully creating a habituated and loyal customer base.  We believe under the leadership of Abhay and Vivek, Licious is best positioned to serve the fresh meat and seafood need of India.  We are excited to partner with Licious on this journey,” added S Sriniwasan, MD, Kotak Investment Advisors Limited. 

Kotak Investment Advisors Limited, is a $5 billion AUM alternate asset manager. They have invested in Licious through Kotak Pre-IPO Opportunities Fund a Rs 2,000 crore fund.  Avendus acted as the exclusive financial advisor to Licious for the transaction.

In July 2021, Licious raised $192 million in their Series F funding round, led by Temasek & Multiples, making it the highest funded company in the fresh animal protein business category. Brunei Investment Agency also participated in the round along with existing investors 3one4 Capital, Bertelsmann India Investments, Vertex Growth Fund, and Vertex Ventures Southeast Asia and India. 

Shortly after this, in October 2021, the company achieved a billion dollars valuation post receipt of funding worth $52 million led by IIFL AMC’s Late Stage Tech Fun and Avendus FLF (Future Leaders Fund).

Eleven startups have entered India’s unicorn club so far this year  including debt marketplace CredAvenue, software-as-a-service startup Hasura, edtech firm Lead School, D2C brand Mamaearth, analytics platform Fractal, social commerce platform Dealshare,  HR tech player Darwinbox, e-commerce logistics platform XpressBees, home interior firm Livspace, B2B e-commerce platform ElasticRun, and Uniphore,  a startup which is into conversational automation.