Leadpreneur's
Story behind the Success of Licious...
Make meat great again!
About:
An e-commerce company, Licious was launched with aims of delivering non-vegetarian products like meat, fish, chicken, effs, and shellfish, etc. to the people. It is a D2C company with a 9-person leadership team and a 3-person Board of Directors.
Founder, Founding Year, and HQ location:
Licious was founded in September 2015 by Vivek Gupta and Abhay Hanjura. Its headquarters are located in Bengaluru, Karnataka.
Product marketing countries:
Catering to consumers in India, Licious operates across Bengaluru, Hyderabad, Delhi-NCR< Chandigarh, Mumbai, Pune, Vijayawada, Kolkata, Vizag, Kochi, Jaipur, Pondicherry, Coimbatore, and Chennai.
Business Model:
It’s a D2C business company.
Investments:
Funding for Licious has reached a total of USD 286.5 million. In June, Multiples Alternate
Asset Management, Brunei Investment Agency, and Vertex Ventures completed a $192
million Series F round of fundraising.
Company Statistics:
The company became the 29th unicorn firm in 2021 with more than a million consumers. The business made an impressive INR 1.47 crores in their first year with a total revenue of INR 131.8 crore during FY2021-22.
Brand ambassador:
Licious has collaborated with influencers like Mallika Dua and celebrities like Patralekha, Nidhi Singh, and even Jr N.T Rama Rao.
Growth:
The Direct-to-Consumer meat and seafood brand is slated to become India's first D2C unicorn firm and the 29th unicorn overall in 2021. On October 5, 2021, Licious joined the unicorn society.
More than 1 million distinct consumers have been acquired by Licious till 2022. The typical basket weighs 700 rupees. The business made INR 1.47 crores in sales in its first year. The total amount of revenue was INR 131.8 crore during FY2019–20.
Marketing Strategies:
Licious has achieved 90% return customers who make up 85% of its revenue by using D2C as a direct marketing channel to connect with consumers.
A brief examination of D2C activities will serve to support Licious's business strategy. For
instance, the previous D2C era's regular meat supply chain looked like this:
Farmers, intermediaries, wholesalers, butchers, and retailers
But the supply chain only includes the following in the direct-to-consumer market, where
Licious and a few other firms operate:
Startups, Farmers, and Butchers
This guarantees the businesses a profit margin of 30–40%.
Loyal customer-base
Licious has a 90% return customer rate who bring in about 85% of their revenue. Their D2C strategy to connect directly with their consumers has been fruitful for them.
Modifying the supply chain
Licious reduced the supply chain from “farmers-intermediaries-wholesalers-butchers-retailers” to “startups-farmers-butchers” which has increased their profit margin drastically by 30-40%.
Key facts:
● Licious is breaking new ground in the food sector.
● This D2C unicorn has a 9-person executive leadership team.
● A three-person board of directors oversees Licious.
Future:
Licious is breaking records in the food sector and is set to become India’s first D2C unicorn firm.