Licious Reports ₹795 Cr Revenue in FY25; Cuts EBITDA Losses by 45%
FY25 Performance Highlights:
| Metric | FY25 (₹ Cr) | FY24 (₹ Cr) | Change (%) |
| Operating Revenue | 795 | 685 | +16% (Growth) |
| EBITDA Loss | 163 | 296 | -45% (Losses Narrowed) |
Export to Sheets
History and Context
Foundation: Licious was founded in 2015 by Abhay Hanjura and Vivek Gupta. It operates on a farm-to-fork business model, controlling the entire back-end supply chain.
Unicorn Status: It became India's first D2C unicorn in 2021.
Previous Year (FY24): In the preceding fiscal year (FY24), the company faced an operational reset which led to a 9% revenue decline to ₹685 crore from ₹748 crore in FY23. This dip was partly attributed to closing some third-party distribution channels. However, the company had already started showing signs of financial improvement, with net losses in FY24 narrowing by 44% to ₹294 crore (down from approximately ₹524 crore in FY23).
Current Momentum (H1 FY26): The growth trajectory has continued into the first half of the current fiscal year, with revenue rising 42% year-on-year to ₹530 crore in H1 FY26.
EBITDA Losses and Efficiency
Licious significantly narrowed its EBITDA losses by 45% in FY25, reducing them to ₹163 crore from ₹296 crore in FY24.
This major improvement is credited by the company to stringent cost control measures and better contribution margins across its various business lines.
The company's online business is reported to be operating-margin positive, with the company earlier targeting achieving EBITDA profitability by the end of FY25.
Management and Strategic Announcements
Omnichannel Strategy: The recovery and growth in FY25 were primarily driven by the company's omnichannel approach, which integrates its established online delivery network with an expanding physical retail presence. Online sales still contribute more than 85% of total revenue.
Offline Expansion: Licious is aggressively expanding its physical footprint. It has crossed 50 branded retail outlets in total, which includes stores from the My Chicken and More chain acquired in February FY25. The company plans to scale its retail footprint further to 80–100 stores by FY26. Omnichannel users are reported to spend more than digital-only buyers.
Quick Delivery: The company is investing in delivery density, with its 30-minute delivery service, Licious Flash, now serving approximately 60% of its online customers, which has helped boost order frequency and repeat purchases.
Focus on Core: In a move to streamline operations and focus on profitability, Licious has reportedly shut down its plant-based meat brand, UnCrave.
IPO Update: Licious has deferred its plans for an Initial Public Offering (IPO) to FY27-28, prioritizing achieving profitability and sustainable growth before going public.
Note: The financial figures for FY25 and the historical data are based on the company's press release and may be subject to change upon the official filing of its annual financial statements with the Registrar of Companies (RoC).