Khaitan & Co advised Nichirei Corporation, in relation to in relation to Series D funding round in Delightful Gourmet Private Limited (Licious) involving primary issuance of Series D Cumulative Convertible Preference Shares.
Existing investors 3one4 Capital, Bertelsmann India Investments, Vertex Ventures, UCLA Investment Company and Sistema Asia Fund participated in the round. The latest round takes the total capital raised by Licious to $64 million.
The company will use the funds from the Series D round to launch operations in seven cities including Mumbai, Pune and Chennai next year besides strengthening its value-added product portfolio and supply chain. Currently, the company has a presence in Bengaluru, Hyderabad and Delhi.
Hanjura, an executive from the insurance industry, and Gupta, a former finance controller at Helion Venture Partners, started Licious in June 2015. The company now operates 11 warehousing centres in Bengaluru and not only procures fresh produce but also processes, stores and delivers it. It claims to have a customer base of 60,000 with 90% repeat business on a monthly basis.
Khaitan & Co advised Nichirei Corporation with a team including Vineet Shingal (Partner), Tanushree Bhuwalka, Srikanth Mantravadi, Rimjhim Khandelwal (M&A), Shailendra Bhandare, Sourav Dan (IP&IT), Sneha Oak Joshi and Swaraj Singh Narula (Real Estate).
Law Firms: Khaitan & Co.;
Clients: Nichirei Corporation;