.Agent imageMeat as well as seafood home-delivery solution Licious' parent company, Exciting Exquisite, on Monday said that it has actually acquired Bengaluru-based offline merchant My Chicken and More.It was actually a cash-and-equity package, the company said, without divulging the monetary details.The achievement will certainly boost its omnichannel visibility as well as use brand-new users, enhancing Licious' online business. With My Chick and More's 23 retail stores, Licious will definitely likewise improve its own physical retail impact to 26 locations.In May ET had mentioned regarding Licious' strategies to open up 5 bodily shops in Bengaluru through June as well as raise the retail store matter to 35-40 around two-three urban areas by the side of FY25. It currently serves 4 million houses." The acquisition is going to enable our company to swiftly scale our offline visibility in South India, while continuing to deliver the high quality as well as transparency that describe the Licious experience," mentioned the cofounders Vivek Gupta and also Abhay Hanjura in a statement.This accompanies a lot of new-age online-first labels broadening offline to acquire new users as venture funds are actually also backing customer brand names along with retail existence throughout the food as well as refreshment sector.Temasek-backed Licious is now doubling down on creating an omnichannel system and considers to open up 500 offline shops in key markets over the next couple of years.Earlier ET had actually disclosed that the meat brand is actually also piloting 15-minute distributions of ready-to-eat food things in particular areas in Gurgaon, though its own standard shipment time stays half an hour. Around 85% of the company's purchases are by means of its very own website, while the remaining originated from on the internet grocery store and quick-commerce platforms.The agency is actually also trying to switch rewarding on earnings before interest, income tax, depreciation and also amortisation (Ebitda) amount due to the end of FY25. In FY23, Licious disclosed a 9% rise in earnings year-on-year, getting to Rs 748 crore, while its failure limited by about 38% to Rs 529 crore." My Chick and also More has accomplished remarkable income per store, success, and source establishment performance, creating it a well-run procedure. We find fantastic worth in their procedures, customer-centric technique, and also tough brand devotion, which align completely along with Licious's concept," they added.Founded in 2007, My Hen and also Even more procedures between 1.6 thousand and also 1.8 thousand purchases yearly. From 2021 to 2023, the company expanded its variety of channels from 10 to 23 and also created profits of Rs 110 crore in 2023." Partnering along with Licious is not practically development for our company it has to do with aligning along with a common vision of giving consumers with premium, hygienic meat," mentioned S Mahesha, owner of My Hen and More.
Published On Oct 14, 2024 at 02:30 PM IST.
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