Meat Delivery Startup Licious Reports ₹1,166 Cr FY26 Revenue, Aims ₹1,800 Cr in FY27

Omnichannel meat and seafood brand Licious has reported strong financial growth for FY26, with net revenue rising 47% year-on-year to ₹1,166 crore, compared to ₹795 crore in FY25. The company’s latest performance reflects growing demand for premium meat products, improved logistics execution, and the success of its omnichannel retail strategy.

Building on this momentum, the Bengaluru-based startup is now targeting ₹1,800 crore revenue in FY27, as it focuses on deeper market penetration, supply chain expansion, and increasing repeat purchases from existing customers.

Growth Strategy Focused On Urban Micro Markets

A key pillar of Licious’ future growth strategy is its focus on what it calls urban micro markets. These are hyperlocal clusters where the company aims to improve delivery speed, customer density, and operational efficiency.

The company has already seen strong performance in its core markets such as Bengaluru, Mumbai, and Delhi NCR, where demand for fresh and hygienically processed meat continues to grow due to changing consumption habits and rising disposable incomes.

Licious plans to:

Build 10 new micro markets in FY27
Expand this model to 120 micro markets
Scale across the top seven Indian cities over the next five years

This hyperlocal expansion strategy is expected to improve last-mile delivery efficiency and increase customer engagement.

Supply Chain Expansion And Dark Store Growth

To support its growth ambitions, Licious is also investing heavily in its supply chain infrastructure. The company plans to expand its dark store network from 130 locations to nearly 400 facilities over the next few years.

As part of this expansion:

Around 70 new dark stores will be added in FY27
Delivery infrastructure will be strengthened
Order fulfilment time will be reduced
Product availability will improve across markets

Dark stores play a critical role in quick commerce by enabling faster processing of online orders and reducing delivery times.

Online Business Continues To Drive Revenue

Licious continues to generate the majority of its revenue from its digital channels. Online sales grew 28% to about ₹1,000 crore in FY26, compared to ₹770 crore in FY25.

This growth was supported by:

Improved logistics infrastructure
Faster delivery timelines
Increased customer retention
Higher order frequency
Strong demand in existing markets

The company’s 30-minute delivery service Flash has emerged as a major growth driver. The service now covers about 55% of Licious’ online customer base, improving conversion rates and purchase frequency.

Industry reports suggest quick delivery services are becoming essential for food and grocery ecommerce platforms as customers increasingly prioritize convenience and speed.

Offline Retail Business Showing Rapid Growth

While Licious started as a digital-first brand, its offline retail strategy is now gaining traction. The company reported that its offline revenue increased significantly from ₹26 crore in FY25 to ₹177 crore in FY26.

Currently, Licious operates more than 60 physical stores, which it describes as trust and discovery centres. These outlets allow customers to:

Experience product quality physically
Build brand trust
Discover new products
Complement online purchases

This hybrid online-offline strategy reflects a broader trend among direct-to-consumer brands moving toward omnichannel retail to improve customer experience and retention.

Profitability And Financial Efficiency

Despite strong revenue growth, Licious continues to invest heavily in expansion and technology. The company reported an EBITDA burn of ₹187 crore in FY26, compared to ₹168 crore in FY25.

The increase in losses reflects continued investments in:

Technology platforms
Customer acquisition
Logistics expansion
Store network growth
Talent hiring

However, the company appears focused on balancing growth with operational efficiency, a trend seen across India’s startup ecosystem as investors increasingly prioritize sustainable growth over aggressive expansion.

Strong Customer Retention And User Growth

One of the strongest indicators of Licious’ business health is its customer loyalty. The company reported that 94% of its orders came from repeat customers, highlighting strong brand trust and satisfaction.

Other key customer metrics include:

Monthly active users crossing 1.5 million
Average order value reaching ₹675
Increasing order frequency through quick delivery
Higher engagement through omnichannel presence

Repeat demand remains a key strength for the company, providing predictable revenue streams and improving unit economics.

Funding And Investor Backing

Since its inception, Licious has raised more than $450 million from global investors. According to available data:

Mayfield India is the largest shareholder with about 14.69% stake
Other investors include Vertex Ventures and 3one4 Capital

The company was last valued at around $1.5 billion and has previously indicated plans to become IPO-ready as it scales operations and improves financial metrics.

Market Opportunity And Industry Trends

Licious operates in India’s rapidly growing meat and protein consumption market, which is expanding due to:

Rising urbanization
Growing health awareness
Increasing protein consumption
Demand for hygienic sourcing
Growth of quick commerce

Industry estimates suggest India’s meat market could see significant long-term growth driven by changing dietary patterns and digital commerce adoption.

Outlook For FY27

Looking ahead, Licious aims to strengthen its position through:

Deeper penetration in existing cities
Expansion into new micro markets
Supply chain investments
Faster delivery capabilities
Omnichannel customer engagement

If the company successfully executes these strategies, it could move closer to its ₹1,800 crore revenue goal while strengthening its position in India’s competitive D2C food market.

With strong repeat demand, expanding infrastructure, and growing investor confidence in India’s consumer brands, Licious appears well positioned for continued growth in FY27.