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

Entrackr · 1m

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.