Licious's Financials, Revenues & Funding Overview

Introduction

Licious is a leading Indian direct-to-consumer (D2C) brand specializing in fresh meat, seafood, and ready-to-cook delicacies. Founded by Abhay Hanjura and Vivek Gupta, the company has revolutionized the online meat delivery industry with its stringent quality standards and vertically integrated supply chain. Since its inception in 2015, Licious has grown rapidly across multiple Indian cities, offering a wide range of fresh and hygienically processed meat products. The company places a strong emphasis on customer experience, leveraging technology and cold chain logistics to ensure timely deliveries. With over ₹750 crore in revenue in FY23, Licious has attracted significant venture capital, crossing unicorn status. Its growth is fueled by expanding product categories, including ready-to-eat and plant-based protein offerings. As it continues to scale, Licious aims for sustainable profitability and a potential IPO. The brand has positioned itself as a trusted name in India’s protein consumption market, promising unmatched freshness, safety, and taste.

Company Snapshot & Financials FY23

Revenue and Profit Trends

Over the past three fiscal years, Licious has shown robust revenue growth, rising from ₹145 Cr in FY21 to ₹750 Cr in FY23. Despite this upward trajectory in top-line performance, the company continues to operate at a net loss, although the gap has narrowed from ₹685 Cr in FY22 to ₹505 Cr in FY23. This signals a gradual improvement in cost structure and operational efficiency. The company’s emphasis on scaling operations while managing its burn rate is evident, and if the trend continues, Licious could be on a path to profitability in the coming years.

Expense Efficiency & Margins

Licious has demonstrated improving expense efficiency over the last three years. Its EBITDA margin, though still negative, has steadily improved from -99.7% in FY21 to -67.1% in FY23, reflecting better cost control and operational optimization. Correspondingly, the expense per revenue ratio has decreased from nearly 200% to 167%, indicating the company is moving closer to breakeven on a unit economics basis. This improvement suggests a more scalable and financially sustainable business model, with increased operational leverage and a focus on profitability. These are critical indicators as Licious aims to attract long-term investors and strengthen its financial footing.

Employee Trend & Insights

Licious has steadily expanded its workforce over the past three years, growing from 2,152 employees in FY21 to approximately 3,600 in FY23. This reflects the company's aggressive investment in manpower to support its growth in operations, logistics, customer service, and technology. The increase in headcount also highlights the brand’s strategic push toward market penetration and customer experience enhancement. With greater scale, Licious appears committed to building internal capabilities to serve an expanding user base, which bodes well for both topline and bottom-line improvements in the future.

Strategic Growth, Plans & IPO

• Focused on expanding direct-to-consumer delivery in Tier 1 and Tier 2 cities.
• Plans to diversify product offerings including ready-to-cook meals and plant-based meat.
• Building robust cold chain infrastructure to support national expansion.
• Investing heavily in brand awareness and customer experience optimization.
• Evaluating IPO readiness based on achieving EBITDA positivity in the near term.

Latest News

In recent developments, Licious is reportedly preparing for a potential IPO in the next 12 to 18 months, contingent on consistent profitability. The company has also launched a new premium product line under its ‘UnCrave’ brand, targeting health-conscious consumers. Additionally, Licious is expanding its presence across India by entering newer cities while strengthening its supply chain logistics. These moves reflect the company’s ambition to become a dominant name in India’s protein-based food segment.

Overall Summary

Conclusion

Licious continues to build a dominant presence in the online meat and seafood delivery space in India. With increasing revenues, a focused strategy on supply chain, premium offerings, and improving margins, the company is moving closer to operational breakeven. Backed by significant funding and investor trust, Licious is poised for a public listing while maintaining its consumer-first approach and quality standards. Make smarter business decisions with verified insights on companies and directors. Visit Affluense.ai to learn more.

Sources

• Company press releases
• Media coverage (Moneycontrol, Inc42, Business Standard)
• Regulatory filings and public investor data