Licious Claims 47% YoY Jump In FY26 Revenue To ₹1,166 Cr

Meat and seafood startup Licious claims to have closed the fiscal year ended March 31, 2026 (FY26) with a 47% jump in its net revenue to ₹1,166 Cr  from ₹795 Cr in the previous year.

The Bengaluru-based unicorn said that it recorded its highest-ever revenue in FY26. It is now eyeing to grow its FY27 revenue by 54% to ₹1,800 Cr.

However, Licious continues to operate at a loss. Its EBITDA burn increased to ₹187 Cr in FY26 from ₹168 Cr a year earlier, as the startup invested in infrastructure and offline expansion. 

Important to highlight that the startup didn’t disclose its top line or bottom line performance for the fiscal year.

In FY25, it managed to trim its net loss by 27% to ₹218.3 Cr from ₹298.6 Cr loss incurred in FY24. Its operating revenue for the fiscal year, as per its disclosures in November, grew 16% YoY to ₹797.2 C.

In FY26, the startup claims that online sales remained the main driver, zooming 28% You to cross the ₹1,000 Cr mark. The growth came largely from improving delivery speed and expanding in existing markets rather than entering new cities.

Licious says it has been focusing on expanding in “micro markets” within tier I cities like Bengaluru, Mumbai and Delhi NCR. It plans to expand this model further, with a long-term goal of building 120 such micro markets across the top seven cities.

To support this expansion, the startup intends to scale its dark store network from 130 to around 400 over the next five years, including about 70 new additions in FY27.

Its offline business also saw a sharp rise, growing from ₹26 Cr in FY25 to ₹177 Cr in FY26. The Temasek-backed startup operates more than 60 physical stores across India. However, the startup sees its offline vertical more as a trust building vertical rather than driving its revenue.

In the fiscal, repeat customers made up 94% of the business, with over 1.5 Mn monthly active users. Its 30-minute delivery service, ‘Flash’, now serves about 55% of online users and has helped boost order frequency and conversions.

Founded by Vivek Gupta and Abhay Hanjura, Licious follows a farm-to-fork model, owning the full backend supply chain. It sells meat, seafood, cold-cuts, and ready-to-eat meat items through its website, quick commerce platforms and offline channels. It competes with players such as ITC-owned Meatigo, Zepto’s Relish, Zappfresh, FreshToHome, and Tendercuts. 

The startup has raised over $550 Mn to date from investors including Temasek, 3one4 Capital, and IIFL. It joined the unicorn club in 2021.

As of now, the startup is gearing up to go public this year. As per reports in 2025, the startup intended to initiate the IPO process this year and is likely to undertake a pre-IPO round as well.

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