Licious has pivoted from pure-D2C to omnichannel: launching branded offline stores (50+ stores planned by March 2026) and partnering with Blinkit, Swiggy Instamart, and Zepto for 30-minute delivery. FY25 revenue recovered to ₹795 Cr (+16% YoY), with EBITDA loss shrinking 45% to ₹163 Cr and net loss narrowing 27% to ₹218 Cr, positioning the company toward profitability.
Cyborg Score Rationale
H1 FY26 revenue is growing 42% YoY—strongest growth in company history. CEO Vivek Gupta disclosed plans to turn profitable at EBITDA level by August 2025, aiming to be IPO-ready in 12 months. However, wet markets retain 95% of the market share, and profitability remains the gating milestone for public listing.
Top Insights
Licious has raised $490M in funding from investors like Mayfield, Avendus and Temasek.
Licious operates end-to-end cold chain infrastructure across multiple cities, offering cold-chain freshness vs. traditional wet markets.
Omnichannel expansion: 50+ branded stores planned, partnerships with quick-commerce platforms, and acquisition of My Chicken and More (22 outlets) to accelerate offline growth.
Geographic and product expansion: 25+ cities, Uncrave plant-based alternatives, and ready-to-eat segment scaled 5×.
Named Competitors
FreshToHome — Amazon-backed online seafood and meat delivery
TenderCuts — Online meat retail platform
Good To Go — Fresh meat and protein delivery service
Recent Developments
(March 2025) FY25 revenue reached ₹795 Cr (+16% YoY) with EBITDA loss shrinking 45%
(February 2025) CEO disclosed target of $2B+ valuation for planned 2026 IPO
(April 2026) Top competitor TenderCuts secured recent funding round
(H1 FY26) Revenue growth accelerated to 42% YoY, strongest in company history
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