It was a cash-and-equity deal, the company said, without disclosing the financial details.
The acquisition will bolster its omnichannel presence and tap into new users, boosting Licious’ online business. With My Chicken and More’s 23 stores, Licious will also increase its physical retail footprint to 26 locations.
In May ET had reported about Licious’ plans to open five physical stores in Bengaluru by June and increase the store count to 35-40 across two-three cities by the end of FY25. It currently serves 4 million households.
“The acquisition will enable us to rapidly scale our offline presence in South India, while continuing to deliver the quality and transparency that define the Licious experience,” said the cofounders Vivek Gupta and Abhay Hanjura in a statement.
This coincides with many new-age online-first brands expanding offline to acquire new users as venture funds are also backing consumer brands with retail presence across the food and beverage sector.
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Temasek-backed Licious is now doubling down on building an omnichannel network and plans to open 500 offline stores in key markets over the next few years.Earlier ET had reported that the meat brand is also piloting 15-minute deliveries of ready-to-eat food items in certain locations in Gurgaon, though its standard delivery time remains 30 minutes. Around 85% of the brand’s sales are through its own website, while the remaining come from online grocery and quick-commerce platforms.
The firm is also looking to turn profitable on earnings before interest, tax, depreciation and amortisation (Ebitda) level by the end of FY25. In FY23, Licious reported a 9% increase in revenue year-on-year, reaching Rs 748 crore, while its total loss narrowed by about 38% to Rs 529 crore.
“My Chicken and More has achieved impressive revenue per store, profitability, and supply chain efficiency, making it a well-run operation. We see great value in their operations, customer-centric approach, and strong brand loyalty, which align perfectly with Licious’s vision,” they added.
Founded in 2007, My Chicken and More processes between 1.6 million and 1.8 million orders annually. From 2021 to 2023, the brand grew its number of outlets from 10 to 23 and generated revenues of Rs 110 crore in 2023.
“Partnering with Licious is not just about growth for us; it’s about aligning with a shared vision of providing consumers with high-quality, hygienic meat,” said S Mahesha, founder of My Chicken and More.