Temasek leads agritech Licious’ US$192M series F funding round

U.S. one-dollar currency notes; taken September 2018.U.S. one-dollar currency notes; taken September 2018.

Temasek is investing in Indian agritech company Licisous’ US$192 million series F funding round, Singapore’s state-owned investment company said in posts on its social media late Friday.

Licious, which offers direct-to-consumer sales of fresh meat and seafood via an online platform, plans to use the funding to expand in India and abroad and to improve its technology and supply chain practices, Temasek said in a LinkedIn post.

Multiples Alternative Asset Management, Vertex Growth Fund, Bertelsmann India Investments, Akshay Gulati, Temasek-tied Vertex Ventures Southeast Asia & India, 3one4 Capital, Narshing Dass Makkar and Brunei Investment Agency also participated in the round, according to Crunchbase data.

According to the data, Licious has raised a total of US$286.5 million over seven funding rounds, with other investors including Nichirin, Bertelsmann, and Mayfield Fund.

Some early investors, including Mayfield and Nichirin, partially exited Licious, the Business Standard reported, citing unnamed sources, in an article tweeted by Temasek.

India’s food tech market, defined as online food delivery and online grocery, is expected to reach 1.87 trillion rupees by 2025, with a compound annual growth rate (CAGR) of around 39 percent over the 2021-2025 period, according to a report published by in April.

In a June speech, Dilhan Pillay, Temasek’s executive director and CEO, pointed to four trends for the future: Digitisation, future of consumption, sustainable living and longer lifespans.

Temasek has previously said it has four key themes for its investment philosophy: transforming economies, growing middle income populations, deepening comparative advantages and emerging champions. The company also chooses investments along structural trends of longer lifespans, rising affluence and sustainable living, as well as for sharing economies and smarter systems.