The investment will facilitate the company’s expansion plans in markets like Hyderabad and Delhi-NCR.
“…Licious, run by Delightful Gourmet has announced that it has secured US $10 million in a Series B funding round led by Mayfield India, 3one4 Capital, Sistema Asia Fund and Neoplux Technology Fund,” a company statement said.
The investment will also fuel the company’s innovation efforts, it added.
Licious had previously raised US $3.5 million (Rs 22.7 crore) from 3one4 Capital and Mayfield Capital. The current round has seen the participation of two existing investors as well two new investors.
Sistema Asia, a Russia-based venture fund will make its first consumer investment in India through Licious, after completing three investments in the technology space in the recent past, the statement said adding that South Korean fund, Neoplux Technology Fund, is foraying into the Indian market by investing in Licious.
“We are excited to announce our Series B funding of US $10 million, as it comes in the wake of rapid expansion plans that we have set out for the companys growth,” Co-Founder, Licious, Abhay Hanjura said.
Licious has 11 delivery hubs and employs around 250 people across different functions in their company. Licious works on a zero inventory model, and has built contractual arrangement with large institutional meat vendors who are trained to manage livestock and meat handling techniques.