Unicorn startup Licious launches plant-based meat under brand ‘Uncrave’

Unicorn startup Licious launches plant-based meat under brand ‘Uncrave’

Licious, an online meat vendor, has reportedly entered the plant-based meat market with a new brand named Uncrave.

According to co-Founder Abhay Hanjura, Licious will offer Uncrave to its core meat-eating clients as a substitute for instances when they refrain from eating meat during festivals like Navaratri. This is different from the conventional mock-meat firms that cater to activists and vegan consumers.

Interestingly, the mock chicken and mutton meats have been under development for over two years. The business eyes becoming the market leader within a year by focusing on at least 20% of its three million repeat consumers.

Hanjura said that although the companys revenue for the fiscal year 2021–2022 (FY22) exceeded USD 97 million, it fell short of its goal of USD 121 million.

Whereas former Wildcraft and Titan Company Ltd. executive Simeran Bhasin who now leads the alternative protein business of Licious believes that it is the first business in India to offer both animal and non-animal sources of protein. When it comes to creating the Uncrave line, the firm totally relies on its R&D and innovation approach that is consumer-focused, Bhasin added.

It is worth mentioning here Licious was classified as a unicorn, a privately held company valued at over USD 1 billion following a USD 52 million investment round led by IIFL Late-Stage Tech Fund and Avendus in October 2021.

Moreover, the company obtained an additional USD 150 million in March 2021 which was backed by Singapore-based Amansa Capital.

For those unaware, other businesses in the plant-based meat industry includes international brand Beyond Meat, Bengaluru-based Shaka Harry, and Tata with its Tata Simply Better brands.

The product will be produced in a separate facility in Bengaluru, where it is shipped, and will first be sold under the Uncrave brand in all significant metro cities.

 

Source Credit: https://economictimes.indiatimes.com/tech/startups/licious-enters-plant-based-meat-business-with-new-brand-uncraven/articleshow/94764491.cms