New Delhi: InnoVen Capital on Thursday announced making a debt investment in Licious with an investment worth Rs. 12 crores.
Gourmet meat start-up, run by Delightful Gourmet Pvt. Ltd and founded by Abhay Hanjura and Vivek Gupta, Licious is built on the farm to fork business model, which owns the entire back-end supply chain powered by stringent cold chain control to maintain the quality and freshness of each product from the time of procurement, processing, storage to the time it reaches the end consumer.
“We are excited about partnering with Licious in their growth journey. We are happy to see how Licious has been able to carve out their importance in a sector that has been largely dominated by local vendors in butcher markets. Licious is disrupting the existing meat market with its innovative fresh chain management right from superior quality sourcing, attractive packaging to last mile distribution ensuring high quality, freshness, food safety and hygiene to the consumers,” said Director at InnoVen Capital India, Ankit Agarwal.
The company recently announced their Series-C growth round led by Bertelsmann India Investments, Vertex Ventures Southeast Asia and India along with UCLA and existing investors Mayfield India, 3one4 Capital, Sistema Asia Fund and InnoVen Capital. The funds will be used to expand to new cities, fostering the value-added product category, and strengthening the supply chain.