Corporate venturing subsidiaries of conglomerates Sistema and Doosan have participated in a $10m series B round for India-based online butcher Licious, Business Standard has reported.
Mayfield India, the local branch of venture capital firm Mayfield Fund, led the round, which included 3one4 Capital, the family investment fund of businessman Mohandas Pai, while Sistema and Doosan took part through Sistema Asia Fund and Neoplux Technology Fund respectively.
Licious operates an online platform that sells high-grade and exotic meat and seafood to customers in the Bengaluru and Hyderabad areas. The funding will support an expansion into the Delhi-NCR municipality, where the company plans to open a meat processing plant, in the next six months.
Licious founder Vivek Gupta said: “The money we have raised now will primarily go into expansion in new cities and building better technology in the back end which includes state of the art meat processing facilities.
“While this is not a very capital intensive business, it is a very infrastructure dependent business.”
The round follows a Mayfield India-backed series A round of undisclosed size in April 2016 and $1m of angel funding the previous year, and increased the company’s overall funding to $13.5m.
– Image courtesy of Licious