Licious, the meat and seafood startup based in Bengaluru, has reported a substantial 47% increase in net revenue for the fiscal year ending March 31, 2026 (FY26), reaching ₹1,166 Cr, up from ₹795 Cr in the previous year.
This marks the highest revenue the company has achieved to date. Looking ahead, Licious aims for a 54% revenue growth in FY27, targeting ₹1,800 Cr.
Despite this revenue growth, Licious continues to operate at a loss, with its EBITDA burn rising to ₹187 Cr in FY26 from ₹168 Cr the previous year. This increase is attributed to investments in infrastructure and offline expansion.
Notably, Licious did not disclose its overall top line or bottom line performance for FY26.
In FY25, the company managed to reduce its net loss by 27%, bringing it down to ₹218.3 Cr from ₹298.6 Cr in FY24. Its operating revenue for that fiscal year grew by 16% year-over-year, reaching ₹797.2 Cr.
For FY26, online sales were a significant contributor to growth, increasing by 28% and surpassing the ₹1,000 Cr mark. This growth was primarily driven by enhancements in delivery speed and expansion within existing markets rather than new city launches.
Licious is focusing on expanding its presence in “micro markets” within major tier I cities, including Bengaluru, Mumbai, and Delhi NCR, with plans to develop 120 such micro markets across the top seven cities.
To facilitate this expansion, the startup plans to increase its dark store network from 130 to approximately 400 over the next five years, adding around 70 new stores in FY27.
The offline segment also experienced significant growth, rising from ₹26 Cr in FY25 to ₹177 Cr in FY26. Licious operates over 60 physical stores across India, viewing its offline business primarily as a means to build trust rather than a major revenue driver.
In FY26, repeat customers accounted for 94% of the business, supported by over 1.5 million monthly active users. The company’s 30-minute delivery service, ‘Flash’, now caters to about 55% of online users, enhancing order frequency and conversion rates.
Founded by Vivek Gupta and Abhay Hanjura, Licious operates on a farm-to-fork model, managing the entire backend supply chain. The company offers a variety of products, including meat, seafood, cold cuts, and ready-to-eat items through its website and offline channels, competing with brands like ITC-owned Meatigo, Zepto’s Relish, Zappfresh, FreshToHome, and Tendercuts.
To date, Licious has raised over $550 million from investors, including Temasek, 3one4 Capital, and IIFL, and became a unicorn in 2021. The startup is preparing for a public offering this year, having indicated plans to initiate the IPO process and potentially conduct a pre-IPO round.
