Licious: Revolutionizing Fresh Meat and Seafood Delivery in India
August 24, 2025
Industry: Food & Beverage
In 2025, Licious is growing at 40% year-on-year and expected to turn profitable in six to eight months. With FY24 revenue of ₹685 crore, losses narrowed 44%, and an ambitious plan for 500 offline stores, the Temasek-backed D2C meat and seafood brand is gearing up for a $2 billion IPO by 2026.
1. Company Snapshot & Financial Journey
Founding & Business Model
Founded in 2015 in Bengaluru, Licious revolutionized India’s D2C meat and seafood market. Built on a “farm-to-fork” ethos, it maintains stringent cold chain infrastructure, controls the full supply chain, and delivers premium-quality meat, seafood, ready-to-cook, and marinades directly to consumers.
Revenue & Loss Trends
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FY23 revenue stood at approximately ₹748 crore.
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In FY24, revenue dipped to ₹685 crore (≈8% decline), primarily due to the closure of third-party distribution channels.
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Net losses shrank from ₹524 crore in FY23 to ₹294 crore in FY24—a 44% improvement.
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In early 2025, founders reported year-on-year growth of 40%, signaling strong rebound momentum.
2. Market Position & Competitive Landscape
Licious holds a leading position among online meat and seafood platforms, operating in over 20 cities. It’s consistently ranked among the top players in the sector, outpacing rivals like FreshToHome, Zappfresh, and local aggregators.
The company’s Infinity loyalty program, with over 200,000 weekly active users, contributes around 58% of revenues. Directly owned digital platforms account for nearly 85% of its business, ensuring better margins and consumer stickiness compared to third-party marketplaces.
3. Strategic Expansion & Omnichannel Push
To enhance reach and customer trust, Licious acquired Bengaluru-based retailer “My Chicken and More,” bringing its offline retail presence to over 26 stores. The company plans to scale to 500 offline stores over the next few years.
Simultaneously, a pilot for 30-minute deliveries in Gurugram is underway, targeting rapid fulfillment for ready-to-eat products. This hybrid of speed and freshness is designed to counter competition from quick-commerce platforms.
4. Funding, Valuation & IPO Aspirations
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Licious has raised nearly $490 million across multiple funding rounds, with a valuation of around $1.5 billion in 2023.
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Lead investors include Temasek, Avendus Capital, Vertex Ventures, and 3one4 Capital.
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The company is actively preparing for a 2026 IPO, targeting a valuation of $2 billion, backed by offline expansion and operational efficiency improvements.
5. Financial Performance Summary
| Metric | FY23 | FY24 | 2025 Outlook |
|---|---|---|---|
| Revenue | ₹748 crore | ₹685 crore (–8%) | 40% YoY growth |
| Net Loss | ₹524 crore | ₹294 crore (–44%) | Near EBITDA breakeven |
| Omnichannel Expansion | 0–10 stores | 26 stores | Targeting 500 stores |
| Distribution Mix | App + partners | App ~85% of business | Higher direct sales share |
| IPO Valuation Target | — | $1.5 Billion | $2 Billion by 2026 |
6. Value Investing Perspective (2025)
Strengths
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Market leadership in a niche, fast-growing segment.
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Proven ability to improve margins and reduce losses.
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Strong consumer brand associated with freshness and quality.
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Clear roadmap to profitability and IPO readiness.
Challenges
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High supply chain costs as offline expansion scales.
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Heavy reliance on meat-centric consumer behavior; plant-based trends could disrupt demand.
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Competition from quick-commerce giants with deep pockets.
Investor View
Licious is a high-conviction play for those seeking exposure to India’s grocery and fresh meat delivery sector. Its narrowing losses, offline push, and IPO plans make it attractive—but execution discipline and maintaining premium standards will decide long-term success.
7. Future Outlook (2025–2030)
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Consumer Retention: Repeat purchases via loyalty programs like Infinity will be critical to sustaining growth.
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Omnichannel Scaling: Offline stores will build trust in Tier-1 and Tier-2 cities, but must be profitable to avoid margin dilution.
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Innovation Potential: Expansion into adjacent categories like ready-to-eat, gourmet marinades, and plant-based alternatives.
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IPO Success: The 2026 listing will depend on steady revenue growth, consistent loss reduction, and favorable investor appetite.
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Global Ambitions: Potential to expand into international markets with a focus on Indian diaspora communities.
8. Conclusion
Licious has established itself as India’s first meat and seafood unicorn, blending premium quality, robust supply chain, and digital-first branding. After weathering a small revenue dip in 2024, the company has significantly narrowed losses and is now expanding aggressively through offline retail and quick-delivery pilots.
With profitability within sight and IPO ambitions by 2026, Licious is poised to become a benchmark for India’s D2C success stories. For investors, it represents both stability and growth potential—provided it sustains operational efficiency and continues winning consumer trust in a competitive and evolving market.
