Licious: Company Overview

The online store Licious sells meat and fish in addition to ready-to-cook and ready-to-eat items. It was launched in 2015 by Abhay Hanjura and Vivek Gupta and is managed by Delightful Gourmet Private Limited, which has offices in Bangalore. When the storey begins, Abhay Hanjura and Vivek Gupta first met for meals.

Both people enjoyed eating meat and had discussed the potential of selling it online. They used to do their own meat deliveries, but they quickly realized that this wasn’t working because there were no clients and money was being lost on a daily basis.

Licious

Licious, a meat and seafood company, has a presence in Bengaluru. The company sells the best, cleanest fish, poultry, beef, and eggs online. Licious operates on a farm-to-fork business model, controlling both the back-end supply chain and the cold chain. In addition, their app has a recipe area. It allows users to cook delicious meals.

Instructs in the odd chef’s approach as well. Bangalore, Hyderabad, Delhi-NCR, Chandigarh, Mumbai, Pune, Chennai, Coimbatore, Pondicherry, Jaipur, Kochi, Vizag, Kolkata, and Vijayawada are among the cities served.

Licious Business

Licious has three processing facilities, one each in Bengaluru, Mumbai, and Gurugram. It operates on a farm-to-fork business strategy, owning the entire back-end supply chain and cold chain. Mohandas Pai, Mayfield Capital, Vertex Growth Fund, UCLA, Sistema Asia Fund, and InnoVen Capital have all contributed to Licious’ funding.

The Licious Founder and Team

Vivek Gupta and Abhay Hanjura founded Licious. Vivek Gupta is a co-founder of Licious. He began his career as a Corporate Finance Manager at Tavant Technologies. Abhay Hanjura is the other co-founder of Licious. He is a Kashmiri Hindu pandit who served as Infosys’ campus ambassador. They launched the company in 2015.

Story of a Licious Startup

Abhay Hanjura approached Vivek Gupta, then of Helion Ventures, to investigate the idea of distributing fresh meat and seafood in India. Despite the fact that 73% of Indians consume meat and fish, the industry is highly unorganized. The only food that an ordinary Indian household consumes that does not contain meat is dairy (well, almost).

When thinking about India’s fresh meat and fish industry, which is unorganized to a higher than 95% level, typical pictures include a dirty local market, filth, stink, and a terrible shopping experience. The two hoped to change Indians’ attitudes toward meat.

Over lunch, Abhay and Vivek discussed the startup concept. They were eating incredibly poor quality chicken. Abhay Hanjura chose to leave his well-paying job at an insurance brokerage firm to pursue his dream of changing the way meat is sourced, processed, and marketed in India.

Conscious Mission and Vision

After hearing this, Hanjura’s family, who were devout vegetarians, threatened to forsake him since they couldn’t face the thought of his eating meat. They didn’t decide to keep Abhay from seeing Vivek, but we now have Licious, the unicorn online meat provider, from whom we can order meat and seafood anytime we want.

Model of Licious Revenue

Licious’ meat, seafood, marinades, and eggs sales account for a major amount of its profits. The remaining income is earned by the sale of the items and other related services. To date, Licious has successfully acquired over 1 million distinct consumers. The average size basket is 700 INR. In its first year, the company earned 1.47 crores of Indian rupees. In FY2019-20, the total amount received was INR 131.8 crore.

From Rs 131.8 crore in FY20 to Rs 420.3 crore in FY21, Licious’ operating revenue increased by 3.2X. Fresh meat, fish, and seafood goods, marinades, and eggs accounted for almost 97.2% of total sales. The remaining 25% of firm revenues came from deliveries and other connected services. During FY21, the company’s EBITDA margins improved considerably, falling from -95.12 percent to -43.31 percent, despite Licious’ losses increasing by 153% to Rs 370 crore. Licious reported a revenue of Rs. 69.4 crore in FY19.

Conclusion

Licious is unique in its ability to provide fresh, chilled meat at all times, owing to a multitude of in-house algorithms that are constantly looking for solutions. It has even gone so far as to develop technology solutions to aid in anticipating consumer behavior in order to achieve the perfect balance between ensuring supply and controlling wastage.