Bengaluru-based Licious has forayed into the spice segment by launching a range of meat masalas. This includes Asli Garam Masala, Classic Chicken Masala, Classic Meat Masala, Khansama Biryani Masala, Original Tandoori Chicken Masala, Shandaar Butter Chicken Masala, Chatpata Fish Fry Masala and Dakshin Pepper Fry Masala.
Speaking on this diversification, Vivek Gupta, co-founder of Licious, said, “Our latest foray into masalas aligns with the company’s strategy of portfolio diversification, leveraging its strong core brand equity. We have observed a shift in consumption patterns, with consumers wanting to recreate authentic recipes within the comfort of their homes.”
Yash Bhatia the company's business head, added, “Together with our deep understanding of consumers’ meat-eating preferences and subsequent needs, we have been able to achieve a superior & differentiated product with our meat masalas range.”
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Currently, the company is selling these newly launched products in Delhi NCR, Bangalore, Mumbai, Pune and Hyderabad through the Licious app and other e-commerce platforms at a starting price of Rs 49 per pack.
According to an IMARC Group report, India's spices market size reached Rs 142,569.3 crores in 2021 and is expected to reach Rs 270,928.4 crores by 2027, exhibiting a 11.15 per cent CAGR during 2022-2027.
Founded in 2015, Licious is direct-to-consumer (D2C) meat and seafood brand that has built a farm-to-fork model, including an integrated back-end supply chain. It raised over $390 million across four funding rounds during FY22, which it leveraged to scale its operations to cross the Rs 700 crore revenue mark last fiscal.
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The unicorn registered 64.3 per cent growth in its operating revenue to Rs 682.6 crore during FY22 as compared to Rs 415.5 crore in FY21, according to its annual financial statements with the Registrar of Companies (RoC).
