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

D2C meat and seafood brand Licious has reported modest growth over the past two fiscal years, with revenue stabilizing around Rs 700 crore. The company achieved a 44% reduction in losses in FY24, despite a 9% revenue decline from Rs 746 crore in FY23 to Rs 685 crore in FY24. 

The dip was primarily due to the closure of distribution channels like Dunzo and Swiggy Meatsore and a decreased focus on modern trade and local stores.

Licious serves 1.2 million customers monthly through its app, which now accounts for 85% of its business. The company’s flagship program, Infinity, contributes 58% of its overall revenue.

Despite a slight revenue decline, Licious implemented effective cost control measures, reducing losses by 44% to Rs 294 crore in FY24, down from Rs 524 crore in FY23. The company also projects achieving positive EBITDA in the current fiscal year.

Toward the end of FY24, Licious laid off nearly 3% of its workforce, affecting 80 employees, as part of an "operational reset" aimed at sharpening its growth focus.

In a bid to enhance customer experience, Licious has begun piloting 30-minute deliveries in Gurugram as part of its transition to a full-stack D2C model. Additionally, on Tuesday, the company expanded its physical retail presence by acquiring Bengaluru-based retailer My Chicken and More, increasing its retail locations to 26.

To date, the Bengaluru-based brand has raised over $450 million. According to TheKredible, Mayfield India holds the largest stake in Licious at 14.69%, followed by Vertex Ventures, 3one4 Capital, Temasek, and others.

Licious, the largest player in the D2C meat and seafood sector, faces competition from FreshToHome, Zapfresh, BBDaily, MeatRoot, and Easymeat. Notably, in October 2023, quick commerce platform Zepto entered the meat delivery market with its in-house brand, Relish. This vertical reportedly reached an annual recurring revenue (ARR) of Rs 150 crore within six months, with a projected revenue run rate of Rs 1,000 crore by March 2026.