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Focus on business problems, not tech: Licious CTPO Ajit Narayanan

YourStoryYourStory · 9m ago
Focus on business problems, not tech: Licious CTPO Ajit Narayanan
Medial

Startups should prioritize solving business problems rather than obsessing over technology in their early stages of growth, according to Ajit Narayanan, Chief Technology and Product Officer at Licious. Narayanan advised entrepreneurs to identify business challenges, establish product-market fit, and then implement the right technology. He stressed the importance of having a strong technical partner who understands how to craft the right technology solution. Narayanan also warned against the pitfalls of focusing solely on technology without aligning it with business needs. The panel discussion also featured insights from CPTOs of Yubi and Swiggy on integrating AI and driving innovation through automation.

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Spacetech startups should work on things which can be useful for Isro: Nambi Narayanan

Economic TimesEconomic Times · 11m ago
Spacetech startups should work on things which can be useful for Isro: Nambi Narayanan
Medial

Former Indian Space Research Organisation (ISRO) scientist Nambi Narayanan highlighted that many startups in the space sector are duplicating work that was done 50 years ago. He emphasized the need for startups to focus on doing something different and useful for ISRO, the country, or the international market. Narayanan mentioned that lack of confidence and high costs are barriers preventing startups from creating certain technologies. Vaanam, a new private space tech accelerator in India, aims to support the growth of space startups in Tamil Nadu by providing specialized tools and bridging commercialization gaps. Narayanan serves as a mentor for Vaanam, which is backed by notable figures such as R. Madhavan and Ravi Mariwala.

Licious lays off 80 employees citing ‘operational reset’

EntrackrEntrackr · 1y ago
Licious lays off 80 employees citing ‘operational reset’
Medial

D2C meat and seafood brand Licious has laid off nearly 3% of its workforce citing “operational reset to sharpen the growth focus.” The move will affect 80 employees. Licious has 3,000 employees including 650 in corporate and 2,350 in production and supply chain. While the company did not disclose the impacted functions, sources say that the exercise affected all departments. “Licious, as a brand, sees significant scope in expanding the number of targeted households to further fuel the consumer transition from traditional markets to contemporary purchase formats. We are reprioritizing our cost outlays, considering the new growth levers. In doing this, it is unfortunate that we have to separate with some employees who have been a part of our journey,” the company said in a statement. Licious will be providing two months’ salaries as compensation, along with the variable payment for FY24 to the impacted employees, the statement added. Founded in 2015 by Abhay Hanjura and Vivek Gupta, Licious sells meat, seafood and ready-to-cook items across 25 cities. The sale of these products formed the majority source of revenue for Licious in FY23. The company turned unicorn following a $52 million round led by IIFL AMC’s Late Stage Tech Fund in October 2021. During the same year, it also scooped up $192 million in Series F round. In total, it has raised $490 million to date. Despite back-to-back funding during FY23, Licious’s operating income remained flat with mere 9.6% growth to Rs 747.7 crore from Rs 682.5 crore in FY22. It also saw a modest increase of 3.1% in its losses to Rs 500 crore in FY23 from Rs 485 crore in the previous fiscal year. Interestingly, the company had claimed that it is close to achieving profitability at the EBITDA level. In its latest statement, however, Licious said it is tracking an annual revenue run rate currently of Rs 900 crore. The company further said it will introduce a new market expansion plan in the coming weeks. “With significant investments in the brand, deeper backward integration and an active pursuit of automation in the supply chain, Licious will focus on expanding the market potential and reach in the next financial year. Licious has already resurrected the marketing spending this year after recasting the growth levers,” the company said. Licious is the largest player in this space and competes with the likes of FreshToHome, Zapfresh, BBDaily, MeatRoot and Easymeat. There has been a surge in layoffs across late-stage startups in the past couple of months. Flipkart, Swiggy, InMobi, ShareChat, Polygon, Cult.fit, and Paytm (now a public company) have already fired more than 3,500 employees collectively since December 2023.

Licious reports Rs 685 Cr revenue in FY24; cuts losses by 44%

EntrackrEntrackr · 9m ago
Licious reports Rs 685 Cr revenue in FY24; cuts losses by 44%
Medial

D2C meat and seafood brand Licious has experienced sluggish growth over the past two fiscal years, with revenue hovering around Rs 700 crore. However, the firm has successfully reduced its losses by 44% in the last fiscal year (FY24). According to the company’s press release, Licious’s revenue declined by 9%, from Rs 746 crore in FY23 to Rs 685 crore in FY24. This modest decline was attributed to the closure of distribution channels like Dunzo and Swiggy Meatsore, as well as a winding down of exposure to modern trade and local stores. Licious reports serving 1.2 million customers each month through its app, which now drives 85% of its total business. The company’s flagship program, Infinity, accounts for 58% of its overall revenue. Despite the slight decrease in revenue, Licious implemented cost control measures that helped cut losses by 44%, bringing them down to Rs 294 crore in FY24 from Rs 524 crore in FY23. The company also anticipates achieving positive EBITDA in the current fiscal year. By the end of FY24, Licious laid off nearly 3% of its workforce citing “operational reset to sharpen the growth focus. The move impacted 80 employees. In an effort to enhance customer experience, Licious is piloting 30-minute deliveries in Gurugram as it shifts to a full-stack D2C model. Additionally, on Tuesday, the firm expanded its physical retail presence by acquiring Bengaluru-based offline retailer My Chicken and More, increasing its retail points of sale to 26. To date, the Bengaluru-based company has raised over $450 million. According to TheKredible, Mayfield India is the largest stakeholder in Licious with 14.69%, followed by Vertex Ventures, 3one4 Capital, Temasek, and others. Licious is the largest player in the D2C meat and seafood space, competing with companies like FreshToHome, Zapfresh, BBDaily, MeatRoot, and Easymeat. In October 2023, quick commerce platform Zepto entered the meat delivery market with its in-house brand, Relish. This vertical reportedly achieved an annual recurring revenue (ARR) of Rs 150 crore in just six months, with a projected revenue run rate of Rs 1,000 crore by March 2026.

Bizongo appoints CEOs, CTPO and CFO for new verticals

EntrackrEntrackr · 10m ago
Bizongo appoints CEOs, CTPO and CFO for new verticals
Medial

E-commerce-focused packaging company Bizongo is ramping up the top deck of its raw material marketplace BizongoBuy and embedded supply chain finance platform BizongoFin with new chief executive officers (CEOs). The group has also appointed chief technology and product officer (CTPO) and chief financial officer (CFO), strengthening its senior leadership. Ex-banker Kiran Dev has been named CEO to lead BizongoFin, the fintech arm specializing in embedded supply chain financing solutions to address the $300 billion unmet SME credit needs. Prahlad Krishnamurthi has joined as the CEO to lead BizongoBuy, the integrated B2B marketplace for SMEs to buy raw materials. Last week, Krishnamurthi stepped down from the post of Cleartrip’s chief business officer (CBO). In addition, Gaurav Singhania has been appointed as the group’s Chief Financial Officer. The firm has also roped in Amol Wanjari as the group’s CTPO. He will draw on his leadership experience at Amazon and Acko to deliver an e-commerce-like experience to Indian SMEs through Bizongo’s digital platforms. In October last year, Bizongo had raised $50 million in its Series E funding round led by existing investor Schroder Adveq. Soon after the fundraise, it also acquired FactoryPlus, a digitisation app for MSME factories. Bizongo’s revenue from operations grew 98.6% to Rs 166.86 crore in FY23 while its losses spiked 173.1% to Rs 291.57 crore during the same period. Its FY24 numbers are yet to be disclosed.

Licious acquires My Chicken and More

EntrackrEntrackr · 9m ago
Licious acquires My Chicken and More
Medial

D2C meat and seafood brand Licious has acquired Bengaluru-based offline retailer My Chicken and More for an undisclosed amount. The acquisition marks Licious’ strategy to build an omnichannel presence complimenting its digital commerce that reaches 4 million households currently. With My Chicken and More’s 23 stores, Licious will expand its physical retail footprint to 26 points of sale. My Chicken and More is known for its in-store experience. Between 2021 and 2023, the brand claims to have expanded from 10 to 23 outlets, generating revenues of Rs. 110 crore in 2023. My Chicken and More claims to processes 1.6 to 1.8 million orders annually, with some stores with an average monthly footfall of 10,000 to 12,000 customers. Founded in 2015 by Abhay Hanjura and Vivek Gupta, Licious sells meat, seafood and ready-to-cook items across 25 cities. The sale of these products formed the majority source of revenue for Licious in FY23. The company turned unicorn following a $52 million round led by IIFL AMC’s Late Stage Tech Fund in October 2021. During the same year, it also scooped up $192 million in Series F round. In total, it has raised $490 million to date. Despite back-to-back funding during FY23, Licious’s operating income remained flat with mere 9.6% growth to Rs 747.7 crore from Rs 682.5 crore in FY22. It also saw a modest increase of 3.1% in its losses to Rs 500 crore in FY23 from Rs 485 crore in the previous fiscal year. Its flagship loyalty program Infiniti has amassed 2 lakh weekly active subscribers, contributing to 58% of the monthly business.

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