How Licious Turned a Simple Idea Into a Billion-Dollar Startup
78.5 هزار بار بازدید -
3 سال پیش
-
In today’s video, we look
In today’s video, we look at how Licious turned a simple idea into a billion-dollar startup.
00:00 Introduction
01:38 Abhay Hanjura’s shattered dream
04:00 Abhay Hanjura, Vivek Gupta and the Meat Project
06:46 The birth and almost death of Licious
09:26 Licious re-launch and initial struggles
13:24 Making of a billion-dollar D2C fresh meat brand
Abhay Hanjura’s shattered dream: When Abhay was younger, he wanted to be a soldier. He went to army school for 13 years in preparation for this and he had his whole life mapped out. But at the age of 17, less than a year before he’d be eligible to enlist, he was in a motorcycle accident and lost one of his legs. This is when he took his life into his own hands and looked for success in a corporate career. He went on to have a successful corporate career spanning decades and he also became the Vice President of an insurance broking company called Futurisk. He was on his way to becoming a CEO but Abhay still didn’t feel fulfilled, so he started looking for opportunities to start up and that’s when he discovered the meat industry which was waiting to be disrupted.
Abhay Hanjura, Vivek Gupta and the Meat Project: After failing to convince his dad, Abhay met up with his old friend and a VC Vivek Gupta. He tried to make him understand how the meat industry was a perfect market for them to start up. But coming from a vegetarian family and asked him if it was such a great idea why hadn’t no one disrupted it yet? This led Abhay to start what he called ‘The Meat Project’ to understand the market and gathered evidence to prove to Vivek that it was in fact a great idea. And while it was enough to convince Vivek, he still didn’t think that Abhay would simply leave his high-paying job to go start something from scratch. This was a key moment for both of them. Right then and there Abhay not only wrote his resignation letter but even sent it to his bosses and this inspired Vivek to do the same. And just like that, they were entrepreneurs.
The birth and almost death of Licious: Since neither of them had any experience in the meat industry, they decided to onboard their third co-founder named Joe Manavalan. He helped them understand the key issues with starting a fresh meat business and how difficult it was to create a supply chain as they needed to keep the meat between 0-4 degrees Celsius in order to keep it fresh. They zeroed in on 30 meat vendors and animal farms whose meat met their quality standards. Then, they opened a meat processing centre in Hennur, in Bengaluru and filled it with experienced butchers, and they set up a meat delivery hub in Marathahalli, bringing in a crew of delivery partners to transport this meat into their customer’s hands. Everything seemed to be coming together - Licious was all set to kick off India’s meat revolution! In August of 2015, Licious began their first day of operations… and it was a complete and utter disaster. Their supply chain collapsed under the weight of just 35 orders, and they immediately shut down operations.
Licious re-launch and initial struggles: They spent the next two weeks training everyone, intensively, ensuring that a greater emphasis was placed on timeliness, hygiene, and keeping orders between 0 and 4 degrees. And then, they re-launched. And this time, things went better. In their first full month of operations, they received 1,300 orders, after this first month, 90% of their customers came back again for more. Their early success helped them get some investment – which they had to use to reduce their wastage – which was as high as 45% at the time. By 2016, Licious had grown 10x – they were now doing 15,000 orders per day. But despite that, when they decided to expand outside of Bengaluru, investment was hard to come by. In fact, One VC who was on the verge of investing pulled out last-minute - their Gujarati LPs vetoed the investment because it was into a meat business. Since it was difficult to raise funds from India, they decided to raise it from outside of India and went ahead and continued with their growth and charming their customers.
Making of a billion-dollar D2C fresh meat brand: Today, Licious is available in 14 cities across India - they deliver fresh meat to a million homes every month, and they’ve expanded their product portfolio, too, selling ready-to-eat and ready-to-cook products alongside their fresh meat items. Unlike most startups, pandemic even accelerated their growth – making them a unicorn and a rare D2C brand serving fresh meat to millions of happy customers in India.
Follow Backstage with Millionaires to remain updated with our latest developments.
LinkedIn: LinkedIn: backstagewithmillionaires
Twitter: Twitter: bwmillionaires
Instagram: Instagram: backstagewithmillionaires
Discord: Discord: discord
#licious #startup #backstagewithmillionaires
00:00 Introduction
01:38 Abhay Hanjura’s shattered dream
04:00 Abhay Hanjura, Vivek Gupta and the Meat Project
06:46 The birth and almost death of Licious
09:26 Licious re-launch and initial struggles
13:24 Making of a billion-dollar D2C fresh meat brand
Abhay Hanjura’s shattered dream: When Abhay was younger, he wanted to be a soldier. He went to army school for 13 years in preparation for this and he had his whole life mapped out. But at the age of 17, less than a year before he’d be eligible to enlist, he was in a motorcycle accident and lost one of his legs. This is when he took his life into his own hands and looked for success in a corporate career. He went on to have a successful corporate career spanning decades and he also became the Vice President of an insurance broking company called Futurisk. He was on his way to becoming a CEO but Abhay still didn’t feel fulfilled, so he started looking for opportunities to start up and that’s when he discovered the meat industry which was waiting to be disrupted.
Abhay Hanjura, Vivek Gupta and the Meat Project: After failing to convince his dad, Abhay met up with his old friend and a VC Vivek Gupta. He tried to make him understand how the meat industry was a perfect market for them to start up. But coming from a vegetarian family and asked him if it was such a great idea why hadn’t no one disrupted it yet? This led Abhay to start what he called ‘The Meat Project’ to understand the market and gathered evidence to prove to Vivek that it was in fact a great idea. And while it was enough to convince Vivek, he still didn’t think that Abhay would simply leave his high-paying job to go start something from scratch. This was a key moment for both of them. Right then and there Abhay not only wrote his resignation letter but even sent it to his bosses and this inspired Vivek to do the same. And just like that, they were entrepreneurs.
The birth and almost death of Licious: Since neither of them had any experience in the meat industry, they decided to onboard their third co-founder named Joe Manavalan. He helped them understand the key issues with starting a fresh meat business and how difficult it was to create a supply chain as they needed to keep the meat between 0-4 degrees Celsius in order to keep it fresh. They zeroed in on 30 meat vendors and animal farms whose meat met their quality standards. Then, they opened a meat processing centre in Hennur, in Bengaluru and filled it with experienced butchers, and they set up a meat delivery hub in Marathahalli, bringing in a crew of delivery partners to transport this meat into their customer’s hands. Everything seemed to be coming together - Licious was all set to kick off India’s meat revolution! In August of 2015, Licious began their first day of operations… and it was a complete and utter disaster. Their supply chain collapsed under the weight of just 35 orders, and they immediately shut down operations.
Licious re-launch and initial struggles: They spent the next two weeks training everyone, intensively, ensuring that a greater emphasis was placed on timeliness, hygiene, and keeping orders between 0 and 4 degrees. And then, they re-launched. And this time, things went better. In their first full month of operations, they received 1,300 orders, after this first month, 90% of their customers came back again for more. Their early success helped them get some investment – which they had to use to reduce their wastage – which was as high as 45% at the time. By 2016, Licious had grown 10x – they were now doing 15,000 orders per day. But despite that, when they decided to expand outside of Bengaluru, investment was hard to come by. In fact, One VC who was on the verge of investing pulled out last-minute - their Gujarati LPs vetoed the investment because it was into a meat business. Since it was difficult to raise funds from India, they decided to raise it from outside of India and went ahead and continued with their growth and charming their customers.
Making of a billion-dollar D2C fresh meat brand: Today, Licious is available in 14 cities across India - they deliver fresh meat to a million homes every month, and they’ve expanded their product portfolio, too, selling ready-to-eat and ready-to-cook products alongside their fresh meat items. Unlike most startups, pandemic even accelerated their growth – making them a unicorn and a rare D2C brand serving fresh meat to millions of happy customers in India.
Follow Backstage with Millionaires to remain updated with our latest developments.
LinkedIn: LinkedIn: backstagewithmillionaires
Twitter: Twitter: bwmillionaires
Instagram: Instagram: backstagewithmillionaires
Discord: Discord: discord
#licious #startup #backstagewithmillionaires
3 سال پیش
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