For its next phase of growth, Licious will focus on the ready-to-eat category and open more offline stores. It plans to open 40 stores by the end of the current fiscal.
Capitan Fresh will use the funds for capital expenditure and expansion of the business. The fundraise appears to be part of an ongoing round, and it is likely that the startup will raise more money.
While Licious’ monthly cash burn dropped in some months, it has also seen a spike in the other, remaining largely in the Rs 22-26 crore range so far in FY24.