For an undisclosed sum, Bengaluru-based offline retailer My Chicken and More has been acquired by D2C meat and seafood brand Licious.
With this acquisition, Licious is advancing its goal of creating an omnichannel presence to support its 4 million household-reaching digital commerce. Licious will increase its physical retail footprint to 26 points of sale by acquiring the 23 stores of My Chicken and More.
My Chicken and More’s in-store experience is well-known. The brand states that it grew from 10 to 23 locations between 2021 and 2023, bringing in Rs. 110 crores in revenue in 2023. My Chicken and More states that it processes between 1.6 and 1.8 million orders a year, with some of its stores seeing between 10,000 and 12,000 patrons per month on average.
Licious is a 25-city meat, seafood, and ready-to-cook food delivery service founded in 2015 by Abhay Hanjura and Vivek Gupta. In FY23, Licious’s primary revenue source was the sale of these goods.
After raising $52 million in October 2021, led by IIFL AMC’s Late Stage Tech Fund, the company became a unicorn. In the same year, it also received $192 million in funding from a Series F round. Thus far, $490 million has been raised in total.
Licious’s operating income increased by just 9.6% to Rs747.7 crore from Rs 682.5 crore in FY22, despite receiving funding back-to-back in FY23. Additionally, it witnessed a slight increase in losses of 3.1% to Rs 500 crore in FY23 from Rs 485 crore in FY22.
With 2 lakh weekly active members, its flagship loyalty program Infiniti accounts for 58% of monthly revenue.
