Licious co-founders clear the air exclusively with YourStory
Licious co-founders Abhay Hanjura and Vivek Gupta get candid with YourStory Founder and CEO Shradha Sharma about Licious's recent business growth, fundraising plans, and rumours about them parting ways.
Meat delivery companyis not looking to raise money currently, co-founders Abhay Hanjura and Vivek Gupta said in an exclusive conversation with YourStory Founder and CEO Shradha Sharma on Friday.
Gupta said the company is not currently engaging with any investor to raise capital, adding that it still has more than $100 million in the bank.
"We are blessed with very high-quality investors like Temasek, Multiples, etc., and this list goes on. In fact, we announced to our Board six months ago that we want to run Licious in such a way that we will never have to raise any capital ever unless we decide to acquire a company or change the business altogether," Gupta told YourStory.
The co-founders added that they have invested capital in improving the supply chain and have made a deal with a fish-feed company to ensure better quality and margins. The company, which currently adds 60,000 users every month, has seen a 40% drop in its customer acquisition costs (CAC) in the past three to four years, they said.
Bengaluru-based Licious—which sells fresh meat, seafood, and animal protein products—is close to achieving EBITDA profitability on the back of strong business growth over the last few months, the co-founders said.
Hanjura and Gupta also denied rumours that they have fallen out, adding that they are long-time friends and continue to remain strong business partners. "The winter has taught us a lot, especially how to love each other. This is probably our best phase together (in terms of partnership and friendship)," Gupta told YourStory.
"... It's easy to stand on the side and offer conjecture. We have shed blood, sweat, and tears to build this company over the years," Hanjura added.
Gupta said the company is not in a hurry for an initial public offering (IPO), and that it will opt for a public listing when it ensures steady dividend after making profits for five continuous years.
(Disclaimer: The story has been corrected to show that Licious currently adds 60,000 new users every month.)
Edited by Suman Singh