Premji Invest, Multiples Alternate Asset Management, and Goldman Sachs may invest $150-200M in Licious

Private equity investors Premji Invest, Multiples Alternate Asset Management, and Goldman Sachs are planning to collectively invest $150-200 million (Rs 1,125-1,500 crore) in meat and seafood brand Licious, people aware of the development revealed.

The deal will take the Bengaluru-based company to a valuation of $800 million, the people stated. The round will observe a fresh issue of shares and some early backers selling part of their stake.

The company intends to employ the proceeds from the deal to finance expansion and increase its product offerings, one of the people said.

The company had appointed investment bank Avendus Capital to look for investors.

Another person added that Multiples will lead this round. “Existing investors will also invest in this round,” said the person. Some of the existing investors might invest small amounts to retain their stake. The company is also in talks with other global investors and the final details of the deal will change at a later stage, the people said.

“Multiples and Goldman Sachs are definitely investing in the company, but the third investor and the exact quantum of how much each fund will bring in will be decided at a later stage,” said a third person. “The idea is to have one domestic and two global investors on board through this round.”

Licious was founded in 2015 by Vivek Gupta and Abhay Hanjura and has penetrated the ready-to-eat market after establishing a presence in the fresh meat and seafood segments.

In late 2019, the company raised $30 million in a Series E round, led by Singapore-based Vertex Growth Fund with participation from existing investors Bertelsmann India Investments, 3one4 Capital, Vertex Ventures Southeast Asia and India, and Sistema Asia Fund.

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Licious is available in Bengaluru, Chennai, Hyderabad, Coimbatore, Chandigarh, Delhi-NCR, Mumbai, Pune, Vijayawada, Kochi, Vizag, and Jaipur. The company claims that it delivers over 1 million orders each month across all markets.

The Indian meat and seafood industry is untapped and has a huge possibility for growth. If the news holds true, Licious could be the market leader.

Shishir Gupta, Founder and CEO, StartupLanes

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