Fresh meat and seafood startup Licious raised $192 million in a Series F funding round led by Singapore-based investment company Temasek and Multiples Private Equity.
Brunei Investment Agency also participated in the round, along with existing investors 3one4 Capital, Bertelsmann India Investments, Vertex Growth Fund, and Vertex Ventures Southeast Asia and India.
Some angel investors have exited the started up, said sources close to the development.
The Bengaluru-based start up has so far raised $286 million and the company is now valued at $650 million, according to sources.
The fund raise involves both primary issuance and also secondary sale, they said.
The current annual revenue rate for the company is Rs 1,000 crore per annun, the officials said, declining to comment on the valuation at which the stake sale has happened.
Licious has successfully delivered to more than 2 million unique customers till date.
The funds will be deployed towards investment in technology led supply chain transformation, quality improvement & customer experience elevation.
The company would also expand presence in a greater number of Indian cities and powering the international expansion plan.
Vivek Gupta & Abhay Hanjura, Co-Founders, Licious, said, "With every passing year, Licious has received overwhelming love and adoption across all cities of India. This is just the beginning in our pursuit of building an exemplary and iconic tech led D2C brand." There is a massive opportunity to be unlocked in this large USD 40 billion sector, they added .
"Temasek and Multiples have backed world class entrepreneurs and businesses across the globe and in India. Their confidence in Licious heralds a watershed moment in the context of the category coming off age & occupying the front row in consumer businesses in the nation," the two cofounders said.
Currently, Licious is present in 14 Indian cities with more than 3,500 employees.
(With inputs from PTI)