Licious, the omnichannel meat and seafood retailer, has closed FY26 with net revenue of ₹1,166 crore, marking 47 per cent year-on-year growth, and is now targeting ₹1,800 crore in FY27 as it sharpens its focus on deeper urban scale and repeat consumption.
It is the largest single-year absolute revenue growth for the 10-year-old omnichannel meat and seafood company. The company reported revenue of ₹795 crore in FY25.
The company’s growth has come from deepening presence and speed in key micro-markets of Bengaluru, Mumbai, and NCR. Licious will continue to build out 10 micro-markets in these locations in FY27. Over the next five years, the company has identified 120 such micro-markets in the top seven cities where it currently operates.
The network of dark stores will triple from 130 to about 400 in the same period. The company will add about 70 in FY27.
Online continues to anchor the business, growing from ₹770 crore to touching ₹1,000 crore in FY26, a 28 per cent increase. The gains have come from improving delivery infrastructure and deepening presence in existing markets rather than aggressive city expansion.
The company’s omnichannel strategy has scaled meaningfully, with offline revenue growing from ₹26 crore in FY25 to ₹177 crore in FY26. The company now operates over 60 outlets, which serve less as a standalone revenue channel and more as a trust and discovery layer that complements its digital business.
The EBITDA burn stands at ₹187 crore in FY26, up from ₹168 crore in FY25, as it invested in infrastructure and offline scale-up. However, as a share of net revenue, burn has declined by 5.2 percentage points, reflecting improving operating leverage.
The brand remained robust, with repeat consumption accounting for 94 per cent of the business and over 1.5 million monthly active users. The 30-minute delivery offering, ‘Flash’, now covers about 55 per cent of its online customers. Faster delivery has reshaped user behaviour, improving new user conversion and increasing order frequency, while average order value has risen to ₹675.
India’s meat market was worth $55.3 billion in 2024 and is projected to reach about $114.4 billion by 2033, according to industry estimates. Rising protein consumption, lifestyle shifts, and demand for hygienic sourcing are pushing the category across consumer touchpoints.
Licious was last valued at $1.5 billion during a 2023 funding round, and it counts Temasek, Vertex Ventures, and Bertelsmann Investments among its backers. The company is eyeing an initial public offering this year.
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