Licious, a direct-to-consumer (D2C) brand specializing in meat and seafood, has announced its acquisition of Bengaluru-based offline retailer My Chicken and More. While the financial details of the deal remain undisclosed, this strategic move is part of Licious’s broader plan to enhance its omnichannel presence, complementing its existing digital commerce operations that currently serve 4 million households.
Strengthening Physical Retail Footprint
With the addition of My Chicken and More’s 23 stores, Licious will expand its physical retail footprint to a total of 26 points of sale. This acquisition not only increases Licious’s market presence but also enhances its ability to provide customers with a seamless shopping experience across both online and offline channels.
- My Chicken and More Highlights:
- Expanded from 10 to 23 outlets between 2021 and 2023.
- Generated revenues of Rs 110 crore in 2023.
- Processes between 1.6 to 1.8 million orders annually.
- Some stores attract an average monthly footfall of 10,000 to 12,000 customers.
The in-store experience offered by My Chicken and More is expected to complement Licious’s digital offerings, allowing the brand to cater to a wider audience and meet diverse consumer preferences.
Licious: A Growing Player in the Market
Founded in 2015 by Abhay Hanjura and Vivek Gupta, Licious has established itself as a significant player in the meat and seafood market, selling a variety of products across 25 cities. The company has seen substantial growth, turning unicorn status following a $52 million funding round in October 2021, led by IIFL AMC’s Late Stage Tech Fund. In total, Licious has raised $490 million to date.
Despite the influx of funding, Licious’s operating income showed only a modest increase of 9.6%, rising to Rs 747.7 crore in FY23 from Rs 682.5 crore in FY22. The company also reported a slight increase in losses, which grew to Rs 500 crore in FY23 from Rs 485 crore the previous year.
Customer Engagement and Loyalty Programs
Licious has been proactive in building customer loyalty through its flagship program, Infiniti, which has attracted 2 lakh weekly active subscribers. This program contributes significantly to the company’s monthly business, accounting for 58% of total sales.
As Licious continues to expand its offerings and enhance its customer engagement strategies, the acquisition of My Chicken and More is expected to play a crucial role in driving growth and solidifying its position in the competitive meat and seafood market.
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