Licious: Growth and innovation in food delivery.
Bengaluru-based meat and seafood startup Licious reported a 47% increase in net revenue for the fiscal year ending March 31, 2026 (FY26), reaching ₹1,166 Cr compared to ₹795 Cr in the previous year, according to a company statement. The Temasek-backed company, which is preparing for a potential IPO, is now targeting a 54% revenue increase for FY27, aiming to reach ₹1,800 Cr.
Despite the revenue growth, Licious experienced an increase in EBITDA burn to ₹187 Cr in FY26, up from ₹168 Cr the previous year, due to investments in infrastructure and offline expansion. The company did not disclose its top-line or bottom-line performance for the fiscal year.
In FY25, Licious managed to reduce its net loss by 27% to ₹218.3 Cr from ₹298.6 Cr in FY24. The company’s operating revenue for that fiscal year grew by 16% YoY to ₹797.2 Cr.
Licious reported that online sales were a primary driver of growth in FY26, increasing by 28% to surpass ₹1,000 Cr. This growth was primarily attributed to improved delivery speeds and expansion within existing markets, rather than entering new cities. The company is focusing on expanding within “micro markets” in tier I cities like Bengaluru, Mumbai, and Delhi NCR, with plans to establish 120 such micro markets across the top seven cities.
To support this expansion, Licious plans to increase its dark store network from 130 to approximately 400 over the next five years, including 70 new additions in FY27. The company’s offline business also saw growth, increasing from ₹26 Cr in FY25 to ₹177 Cr in FY26. Licious operates over 60 physical stores in India, viewing the offline vertical as a means of building trust rather than solely driving revenue.
Repeat customers accounted for 94% of the business in FY26, with over 1.5 million monthly active users. The company’s 30-minute delivery service, ‘Flash’, now serves approximately 55% of online users.
Founded by Vivek Gupta and Abhay Hanjura, Licious operates on a farm-to-fork model, managing its entire backend supply chain. The company offers meat, seafood, cold-cuts, and ready-to-eat meat items through its website, quick commerce platforms, and offline channels. Competitors include ITC-owned Meatigo, Zepto’s Relish, Zappfresh, FreshToHome, and Tendercuts.
Licious has raised over $550 million to date from investors including Temasek, 3one4 Capital, and IIFL, and achieved unicorn status in 2021. The company is preparing to go public, with plans to potentially initiate the IPO process this year and undertake a pre-IPO funding round.
About the Author
