.Agent imageMeat and also sea food home-delivery solution Licious’ parent business, Wonderful Gourmet, on Monday claimed that it has actually acquired Bengaluru-based offline retailer My Hen as well as More.It was a cash-and-equity package, the firm said, without divulging the monetary details.The achievement will reinforce its own omnichannel presence and use brand-new customers, improving Licious’ on-line company. Along with My Chick and Additional’s 23 stores, Licious will definitely also improve its own physical retail footprint to 26 locations.In May ET had actually mentioned concerning Licious’ plannings to open up 5 physical establishments in Bengaluru through June and also improve the store matter to 35-40 across two-three areas due to the conclusion of FY25. It currently offers 4 million homes.” The acquisition will certainly enable our team to swiftly scale our offline existence in South India, while remaining to supply the high quality as well as transparency that determine the Licious experience,” pointed out the cofounders Vivek Gupta and Abhay Hanjura in a statement.This coincides with several new-age online-first labels expanding offline to get new individuals as endeavor funds are actually also backing consumer labels with retail existence across the food items as well as drink sector.Temasek-backed Licious is currently doubling adverse creating an omnichannel network as well as considers to open 500 offline outlets in vital markets over the upcoming couple of years.Earlier ET had reported that the meat label is actually also piloting 15-minute distributions of ready-to-eat meals products in particular areas in Gurgaon, though its own standard shipping time stays half an hour.
Around 85% of the brand’s sales are actually via its very own internet site, while the continuing to be originated from on-line grocery and quick-commerce platforms.The agency is actually likewise hoping to transform rewarding on revenues just before interest, tax, deflation and amortisation (Ebitda) degree by the side of FY25. In FY23, Licious reported a 9% rise in earnings year-on-year, reaching out to Rs 748 crore, while its failure tightened by about 38% to Rs 529 crore.” My Poultry and also Even more has actually achieved impressive earnings per outlet, profitability, as well as supply establishment effectiveness, making it a well-run procedure. Our company view great worth in their operations, customer-centric technique, and also solid label commitment, which straighten completely with Licious’s outlook,” they added.Founded in 2007, My Hen and Even more processes between 1.6 million and also 1.8 million orders each year.
From 2021 to 2023, the brand name grew its variety of outlets from 10 to 23 and also produced revenues of Rs 110 crore in 2023.” Partnering with Licious is actually not practically development for our team it concerns straightening along with a communal sight of offering customers along with top quality, clean meat product,” claimed S Mahesha, owner of My Hen as well as Even more. Posted On Oct 14, 2024 at 02:30 PM IST. Participate in the community of 2M+ business professionals.Sign up for our email list to receive latest ideas & review.
Download ETRetail App.Acquire Realtime updates.Spare your favourite write-ups. Check to download Application.