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Licious acquires My Chicken and More

EntrackrEntrackr · 9m ago
Licious acquires My Chicken and More
Medial

D2C meat and seafood brand Licious has acquired Bengaluru-based offline retailer My Chicken and More for an undisclosed amount. The acquisition marks Licious’ strategy to build an omnichannel presence complimenting its digital commerce that reaches 4 million households currently. With My Chicken and More’s 23 stores, Licious will expand its physical retail footprint to 26 points of sale. My Chicken and More is known for its in-store experience. Between 2021 and 2023, the brand claims to have expanded from 10 to 23 outlets, generating revenues of Rs. 110 crore in 2023. My Chicken and More claims to processes 1.6 to 1.8 million orders annually, with some stores with an average monthly footfall of 10,000 to 12,000 customers. Founded in 2015 by Abhay Hanjura and Vivek Gupta, Licious sells meat, seafood and ready-to-cook items across 25 cities. The sale of these products formed the majority source of revenue for Licious in FY23. The company turned unicorn following a $52 million round led by IIFL AMC’s Late Stage Tech Fund in October 2021. During the same year, it also scooped up $192 million in Series F round. In total, it has raised $490 million to date. Despite back-to-back funding during FY23, Licious’s operating income remained flat with mere 9.6% growth to Rs 747.7 crore from Rs 682.5 crore in FY22. It also saw a modest increase of 3.1% in its losses to Rs 500 crore in FY23 from Rs 485 crore in the previous fiscal year. Its flagship loyalty program Infiniti has amassed 2 lakh weekly active subscribers, contributing to 58% of the monthly business.

Licious reports Rs 685 Cr revenue in FY24; cuts losses by 44%

EntrackrEntrackr · 9m ago
Licious reports Rs 685 Cr revenue in FY24; cuts losses by 44%
Medial

D2C meat and seafood brand Licious has experienced sluggish growth over the past two fiscal years, with revenue hovering around Rs 700 crore. However, the firm has successfully reduced its losses by 44% in the last fiscal year (FY24). According to the company’s press release, Licious’s revenue declined by 9%, from Rs 746 crore in FY23 to Rs 685 crore in FY24. This modest decline was attributed to the closure of distribution channels like Dunzo and Swiggy Meatsore, as well as a winding down of exposure to modern trade and local stores. Licious reports serving 1.2 million customers each month through its app, which now drives 85% of its total business. The company’s flagship program, Infinity, accounts for 58% of its overall revenue. Despite the slight decrease in revenue, Licious implemented cost control measures that helped cut losses by 44%, bringing them down to Rs 294 crore in FY24 from Rs 524 crore in FY23. The company also anticipates achieving positive EBITDA in the current fiscal year. By the end of FY24, Licious laid off nearly 3% of its workforce citing “operational reset to sharpen the growth focus. The move impacted 80 employees. In an effort to enhance customer experience, Licious is piloting 30-minute deliveries in Gurugram as it shifts to a full-stack D2C model. Additionally, on Tuesday, the firm expanded its physical retail presence by acquiring Bengaluru-based offline retailer My Chicken and More, increasing its retail points of sale to 26. To date, the Bengaluru-based company has raised over $450 million. According to TheKredible, Mayfield India is the largest stakeholder in Licious with 14.69%, followed by Vertex Ventures, 3one4 Capital, Temasek, and others. Licious is the largest player in the D2C meat and seafood space, competing with companies like FreshToHome, Zapfresh, BBDaily, MeatRoot, and Easymeat. In October 2023, quick commerce platform Zepto entered the meat delivery market with its in-house brand, Relish. This vertical reportedly achieved an annual recurring revenue (ARR) of Rs 150 crore in just six months, with a projected revenue run rate of Rs 1,000 crore by March 2026.

Former Flipkart executive’s startup FirstClub raises $8 Mn in seed round

EntrackrEntrackr · 7m ago
Former Flipkart executive’s startup FirstClub raises $8 Mn in seed round
Medial

FirstClub, the latest venture of former Flipkart executive Ayyappan R, has raised $8 million in its seed round from Accel and RTP Global. The proceeds will be used to set up a few dark stores in Bengaluru and then later plans to expand with experience centers. It will also build its technology infrastructure, refine an omnichannel retail strategy, add talent for critical functions, and expand the platform’s product offerings. FirstClub is an omnichannel retailer that looks to offer high-quality products in fresh fruits and vegetables, dairy, bakery, nutrition supplements, and health and fitness. The platform is expected to go live by the middle of the calendar year 2025. The startup is set to compete with services like Swiggy's Handpicked as well as offline retailers such as FoodHall and Nature’s Basket.

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