Licious — Cyborg Score 7/10

Strong
E-commerce / Food & Beverage (Fresh Meat Delivery)

Strategic Profile

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

Open the full interactive Licious report

Strategic research, analyst-debate audio, full Cyborg Score breakdown across 11 dimensions, and saved-company audio playlists.

Open report →