Meat start-up Licious is looking to raise $80 million from new and existing investors at a valuation of $800 million.
Talks are on with General Atlantic, Multiples Alternate Asset Management, PremjiInvest, and TPG to invest into the 3one4 Capital and Vertex-owned company, sources told The Economic Times.
Moneycontrol could not independently verify the report.
A spokesperson for Licious said business surged 300 percent across product categories, adding: “the company saw 3x surge in demand across product categories and markets with the average basket size per customer growing by 30 percent.”
Licious is looking to raise primary capital to fund business expansion, one source said, adding that Avendus Capital has been engaged “to scout for investors.”
The company delivers 1 million orders per month across markets and is currently present in Bengaluru, Chennai, Coimbatore, Chandigarh, Delhi-NCR, Hyderabad, Mumbai, Jaipur and Pune.
Licious refused to comment and there was no response from General Atlantic, Multiples Alternate, PremjiInvest or TPG, as per the report.
Licious was founded in 2015 by Abhay Hanjura and Vivek Gupta. It raised $30 million in a series E funding round in 2019 from Vertex Growth Fund (Singapore), and then existing investors Vertex Ventures Southeast Asia, Sistema Asia Fund, Bertelsmann India and 3one4 Capital,