Licious, the Bangalore-based meat and seafood company, has reportedly issued 400 fresh equity shares to its Employees’ Welfare Trust under the employees’ stock ownership plan or ESOP.
The Company believes this will help motivate employees and boost their confidence. Incidentally, Licious is in the midst of an attempt to raise about $80 million in a fresh round of funding valued at $800 million. It was almost two years back that the Company had raised about $30 million in a Series E funding round led by Vertex Growth Fund of Singapore. If all goes well, the fresh funds will help Licious lead the space, where it already has stiff competition from FreshtoHome and ZappFresh.
Operating successfully in about 14 Indian cities, including Chennai, Pune, Bengaluru, Chandigarh, Hyderabad and Mumbai, Licious follows a farm-to-fork business approach, with all stages under its complete control, including procurement, processing and storage. It has been delivering more than a million orders every month,
Licious posted a 90 per cent increment in its top line — from Rs 69.43 crore in FY19 to Rs 131.82 crore in FY20. It spent a total of Rs 283.8 crore and brought down losses by 66.65 per cent to Rs 146.3 crore.
Founded in 2015 by Vivek Gupta and Abhay Hanjura, Licious is now making a mark in the ready-to-eat market after already tasting success in the meat and seafood space.