Unicorn startup Licious, which is also an online meat delivery platform which sells meat, meat products and seafoods has recently invested US$1 million in a Bengaluru-based fresh Pet Food company, Pawfectly Made.
Earlier in March, Licious had successfully raised US$150 million in funding led by Singapore-based Amansa Capital for business growth. According to a company statement, “Pawfectly Made will continue to function as a separate entity with its own production processes and supply chain, as Licious comes in as a strategic partner leveraging their rich and nuanced understanding of the fresh animal protein sector to guide and scale Pawfectly Made faster.”
The Pet Food segment in India is at an inflection point, driving both Indian and international players to introduce their products to a fast-expanding market. According to TechSci Research, the Indian Pet Food market is growing at a CAGR of 18% to reach US$642 million by 2022.
In spite of the growth opportunity, the Pet Food Sector in India has restricted choices and customers have to be largely dependent on pre-packaged processed food. Pawfectly Made disrupted this status quo by introducing customisable fresh pet food made with high-quality ingredients allowing convenient options for pet-parents to choose from.
Licious sees a strong synergy and strategic fit with Pawfectly Made when it comes to offering high quality fresh products. Nichelle Kamat, VP Category, Licious commented that its investment in Pawfectly Made will give it access to a unique consumer market and product portfolio that will complement its existing infrastructure. Since its inception in 2015, Licious has been adopting 100% traceable and sustainable sourcing practices, creating quality benchmarks for the industry. Licious is India’s first D2C (direct to consumer) unicorn, a company with a valuation of over US$1 billion, focused at supplying unmatched range of meat and meat products.
