D2C meat and seafood giant Licious has made a significant move by acquiring Bengaluru-based offline retailer My Chicken and More for an undisclosed sum. This acquisition aligns with Licious’ broader strategy to establish an omnichannel presence that complements its strong digital operations, currently catering to over 4 million households across 25 cities in India.
With this deal, Licious will integrate My Chicken and More’s 23 retail stores into its operations, boosting its physical footprint to a total of 26 points of sale. My Chicken and More, recognized for its in-store experience, expanded rapidly between 2021 and 2023, growing from 10 to 23 outlets and generating revenues of Rs 110 crore in 2023. The chain processes 1.6 to 1.8 million orders annually, with some stores attracting a monthly footfall of 10,000 to 12,000 customers.
Licious, founded in 2015 by Abhay Hanjura and Vivek Gupta, has already built a name for itself in the D2C space, offering a wide range of fresh meat, seafood, and ready-to-cook products. The company’s revenue from these offerings formed a significant part of its earnings in FY23.
The acquisition comes as Licious continues to face financial challenges. Despite raising $52 million in 2021 and amassing a total of $490 million in funding to date, the company’s operating income saw only a modest 9.6% growth, reaching Rs 747.7 crore in FY23, up from Rs 682.5 crore in FY22. Losses also saw a slight rise, increasing by 3.1% to Rs 500 crore in FY23.
Nevertheless, Licious continues to engage its loyal customer base through its Infiniti loyalty program, which boasts 2 lakh weekly active subscribers, contributing to 58% of its monthly business.
The acquisition of My Chicken and More is a strategic step toward expanding its market reach through both online and offline channels, positioning Licious for future growth in the competitive meat and seafood sector.
