India-based fresh food ingredients retailer Licious has secured $192m in a series F round featuring Bertelsmann India Investments, a regional investment vehicle for media group Bertelsmann, YourStory reported yesterday.
Singaporean state-owned investment firm Temasek led the round, which included 3one4Capital, Brunei Investment Agency, Multiples Alternate Asset Management, Vertex Growth Fund and Vertex Ventures Southeast Asia and India.
Various unnamed early investors exited the company through the deal, which likely includes the $65m series F close revealed last month featuring Bertelsmann, 3one4 Capital, Brunei Investment Agency, Multiples, Vertex Ventures and individuals including Akshay Ghulati and Narshing Dass Makkar.
Founded in 2015, Licious runs a digital marketplace where users can shop consumer food products including meat, seafood and marinades. It delivers to customers located across some 15 Indian cities.
The round was reported by Business Standard as valuing Licious at $650m, and by the Economic Times at $800m to $850m.
The money will be used to improve the company’s technology-enabled logistics management, enhance product quality, boost customer service and expand into new markets in its home country and elsewhere.
Licious had raised a total of $94m as of a $30m series E round in late 2019 reportedly valuing its parent company, Delightful Gourmet, at $250m to $300m. It was led by Vertex Growth Fund and backed by Bertelsmann India Investments, conglomerate Sistema’s Asia Fund, 3one4 Capital and Vertex Ventures Southeast Asia and India.
Sistema Asia Fund had already taken part in a $10m series B round for Licious in 2017 that was led by Mayfield India and which also featured 3one4 Capital and conglomerate Doosan’s Neoplux Technology Fund.
Bertelsmann India Investments, Vertex Ventures and UCLA co-led a $25m series C round for Licious in October 2018, investing alongside Sistema Asia Fund, Mayfield India, 3one4 Capital and InnoVen Capital.
The company closed a $25m series D round two months later that was led by frozen food provider Nichirei and which included Bertelsmann India Investments, Sistema Asia Fund, Vertex Ventures and UCLA.
