Licious Reports Rs 685 Crore Revenue in FY24; Reduces Losses by 44%

Licious, a direct-to-consumer meat and seafood brand, has reported modest growth over the last two fiscal years, with revenue stabilizing at roughly Rs 700 crore. Despite a 9% revenue fall from Rs 746 crore in FY23 to Rs 685 crore in FY24, the company reduced its losses by 44%.

The decline was mostly caused by the closing of distribution channels such as Dunzo and Swiggy Meatsore, as well as a reduced emphasis on current trade and local businesses. Licious serves 1.2 million consumers per month via its app, which currently accounts for 85% of its revenue. The company's biggest program, Infinity, accounts for 58% of its total income.

Despite a minor fall in income, Licious achieved effective cost-cutting initiatives, decreasing losses by 44% to Rs 294 crore in FY24, down from Rs 524 crore in FY23. The company also expects to have positive EBITDA in the current fiscal year. Toward the end of FY24, Licious lay off nearly 3% of its personnel, or 80 employees, as part of a "operational reset" aimed at narrowing its growth focus.

In an effort to improve the customer experience, Licious has began testing 30-minute deliveries in Gurugram as part of its move to a full-stack D2C model. Furthermore, on Tuesday, the company increased its physical retail footprint by acquiring Bengaluru-based retailer My Chicken and More, bringing its total retail outlets to 26.

To date, the Bengaluru-based brand has raised more than $450 million. According to TheKredible, Mayfield India has the largest interest in Licious (14.69%), followed by Vertex Ventures, 3one4 Capital, Temasek, and others.

Licious, the market leader in direct-to-consumer meat and seafood, competes with FreshToHome, Zapfresh, BBDaily, MeatRoot, and Easymeat. Notably, in October 2023, rapid commerce platform Zepto entered the meat delivery sector with its own brand, Relish. This vertical reportedly achieved an Annual Recurring Revenue (ARR) of Rs 150 crore in six months, with a projected revenue run rate of Rs 1,000 crore by March 2026.