(Photo : Licious)
Licious

Delightful Gourmet Pvt. Ltd., the parent company of Bengaluru-based meat and seafood startup Licious, has agreed to acquire My Chicken and More, in a deal that would see Licious strengthening its offline business. The acquisition of the local chain of offline meat stores is reportedly for a speculated amount of Rs 200 crore that include a mix of cash and equity.

My Chicken and More is a subsidiary of Shakthi Healthy Fresh Meats Pvt Ltd and is founded by its CEO S. Mahesha in 2007. The chain has built a strong presence in Bengaluru, with revenues of Rs 110 crore and handling over 1.6 million orders annually. S. Mahesha will join the Licious team to oversee the newly acquired business. According to a report by The Economic Times, the deal is estimated to be worth Rs 200 crore, though the company has refrained from officially disclosing the financial details.

This acquisition comes as Licious, backed by Temasek, a traditionally an online-first brand, is moving towards expanding its offline business. Licious aims to open 40 physical stores by the end of the current fiscal year. The company will now benefit from My Chicken and More's established presence in Bengaluru and the move will add 22-23 stores to Licious' portfolio, strengthening its offline presence in Bengaluru. The integration of these stores is expected to increase Licious' sales in Bengaluru from Rs 250 crore to Rs 400 crore, adding to its overall revenue run rate of Rs 800 crore annually.

Licious presently has presence in 18 cities including Mumbai, Kolkata, Nagpur, Hyderabad, NCR apart from Bangalore and is aiming to shift in top 20 cities in the country.

Commenting on the deal, Licious co-founders Vivek Gupta and Abhay Hanjura said, "Acquiring My Chicken and More is a pivotal step in our mission to expand our omnichannel presence and improve customer accessibility. The company 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."