Licious Reports 47% Increase in FY26 Revenue
Licious, the Bengaluru-based meat and seafood startup, has reported a significant 47% increase in its revenue for the fiscal year ending March 31, 2026. The company’s revenue rose to ₹1,166 crore from ₹795 crore the previous year. Despite this growth, Licious continues to operate at a loss, with its EBITDA burn increasing to ₹187 crore from ₹168 crore. The company is now aiming for a 54% revenue growth in FY27, targeting ₹1,800 crore.
Company Performance and Strategy
Founded by Vivek Gupta and Abhay Hanjura, Licious operates on a farm-to-fork model, managing its entire supply chain. The startup sells a variety of products, including meat, seafood, and ready-to-eat items, through its website, quick commerce platforms, and offline channels. Online sales were a major growth driver, surging 28% to surpass ₹1,000 crore. This was achieved by enhancing delivery speed and focusing on existing markets rather than expanding into new cities. Licious plans to further develop its presence in tier I cities by expanding “micro markets” and increasing its dark store network from 130 to 400 over the next five years.
Market Context and Competition
Licious operates in a competitive market, facing rivals such as ITC-owned Meatigo, Zepto’s Relish, Zappfresh, FreshToHome, and Tendercuts. The startup has raised over $550 million from investors, including Temasek and 3one4 Capital, and became a unicorn in 2021. Its offline business, though not a primary revenue driver, saw a substantial increase from ₹26 crore in FY25 to ₹177 crore in FY26. This growth aligns with the company’s strategy to build consumer trust through physical stores.
Implications for India’s Startup Ecosystem
Licious’s growth reflects the increasing demand for quality meat and seafood products in India. The company’s focus on technology-driven solutions and supply chain management underscores a broader trend within the Indian startup ecosystem, where businesses are leveraging tech to enhance efficiency and customer experience. However, the continued financial losses highlight the challenges startups face in balancing growth with profitability. As Licious prepares for a potential IPO, its performance could influence investor sentiment and funding dynamics in the sector.
Future Outlook
Looking ahead, Licious is preparing for a public offering, which could reshape its financial strategy and market position. The company plans to undertake a pre-IPO funding round as it gears up for this transition. Its ambitious revenue targets and expansion plans will be crucial in determining its trajectory in the coming years. As the startup navigates these challenges, its performance will be closely watched by investors and competitors alike.
