Licious Posts Rs 1,166 Crore Revenue in FY26, Sets Ambitious Rs 1,800 Crore Goal for FY27
BENGALURU – Licious, India’s leading omnichannel meat and seafood brand, has reported a stellar financial performance for the fiscal year ending March 31, 2026. The company saw its net revenue jump by 47% year-on-year, reaching Rs 1,166 crore, up from Rs 795 crore in FY25.
Buoyed by this momentum, the Bengaluru-based unicorn has set a high-growth target of Rs 1,800 crore for FY27, driven by a hyper-local "micro-market" strategy and a massive expansion of its physical and digital infrastructure.
Key Financial Highlights (FY26)
Net Revenue: Rs 1,166 crore (47% increase vs. FY25)
Online Sales: Rs 1,000 crore (Anchored by improved delivery infrastructure)
Offline Revenue: Rs 177 crore (Significant jump from Rs 26 crore in FY25)
EBITDA Burn: Rs 187 crore (Slightly up from Rs 168 crore due to heavy infrastructure investment)
Customer Retention: 94% of business came from repeat purchases.
Strategic Shift to Micro-Markets
The company attributed its success to a "deeper, not wider" expansion philosophy. Instead of spreading thin across new cities, Licious focused on dominant execution in core markets like Bengaluru, Mumbai, and Delhi-NCR.
"Our growth in FY26 has been driven by the maturing of our omnichannel model. We are moving from being a pure-play delivery app to a neighborhood staple," the company stated in its release.
To support the FY27 target of Rs 1,800 crore, Licious plans to:
Expand Dark Stores: Scale the current network of 130 dark stores to 400 over the next five years, with 70 new stores slated for FY27 alone.
Micro-Market Focus: Launch 10 new micro-markets in the upcoming fiscal year to ensure hyper-local availability.
Enhance 'Flash' Delivery: Its 30-minute delivery service, Flash, currently covers 55% of its user base and has been a primary driver for increased order frequency.
The Path to IPO
With monthly active users crossing 1.5 million and an average order value (AOV) reaching Rs 675, Licious is reportedly tidying its balance sheet for a potential Initial Public Offering (IPO) in late 2026 or 2027.
Despite the slight increase in EBITDA burn, the company's focus remains on capturing a larger slice of India's $55 billion meat and seafood market, which remains 90% unorganized. By integrating offline "trust centers" with a high-speed digital engine, Licious aims to become the first profitable large-scale player in the category.
About Licious:
Founded in 2015 by Abhay Hanjura and Vivek Gupta, Licious (operated by Delightful Gourmet Pvt Ltd) is a category-leading brand in the fresh meat and seafood space. It is backed by marquee investors including Temasek, Mayfield India, Vertex Ventures, and 3one4 Capital.