Licious revenue spikes from April to December 47% Operating losses remain unchanged year over year

Licious revenue jumps 47% in April–December 2025 as focus on frequent users, faster delivery pays off

Meat and seafood retailer Licious reported a 47% year-on-year increase in revenue to Rs 839 crore for the April–December 2025 period, according to people aware of the company’s financials. Operating losses remained largely flat at Rs 100–110 crore during the nine months. For the full FY26, the company is expected to post EBITDA losses of around Rs 150–160 crore.

The strong revenue growth comes amid a strategic reset by the Temasek-backed company, with a sharper focus on high-frequency users, faster deliveries and increased store density.

“A tighter focus on faster deliveries, denser city coverage and repeat users has helped lift operating momentum. The 30-minute delivery offering, Licious Flash, now serves over half of the company’s consumer base,” said one person familiar with the developments.

The company’s three largest markets—Bengaluru, Delhi-NCR and Mumbai—recorded a 67% growth during the nine-month period, the person added. Licious declined to comment on its financials.

Recovery after post-pandemic slowdown

The latest numbers indicate a recovery after a post-Covid slowdown, when rising cash burn forced Licious to rein in spending and prioritise loss reduction. During the venture funding boom of 2021–22, the company raised $150 million and reported a 64% surge in revenue. However, growth slowed to below 10% in 2022–23, while annual losses crossed Rs 500 crore.

In FY25, Licious reported operating revenue of Rs 797 crore, up 16% year-on-year, while net losses narrowed to Rs 218 crore from Rs 298 crore a year earlier.

Market dynamics and strategy shift

Industry estimates peg India’s meat and seafood market at around $55 billion, with nearly 90% still served by fragmented neighbourhood butchers with limited cold-chain infrastructure. The low level of online penetration and lack of organised players had attracted significant investor interest between 2020 and 2023, but a sector-wide slowdown later prompted companies to reassess growth assumptions.

In 2024, Licious laid off about 80 employees as part of an operational reset and scaled back investments in areas such as plant-based meat, redirecting resources toward core categories and omnichannel expansion.

Despite the offline push, 80–85% of Licious’ revenue in the nine months ended December still came from online channels. The company currently has an offline presence only in Bengaluru and Mumbai.

Over the past three months, Licious expanded its physical footprint in these two cities to 64 stores, up from 50 in October. The expansion follows its 2024 acquisition of My Chicken and More, which added 23 stores in Bengaluru through a cash-and-equity deal.

Licious is now targeting 80 stores across Bengaluru and Mumbai by the end of FY26, as it looks to balance growth with profitability in a challenging consumer environment.