Licious Says FY24 Loss Down 44% YoY To INR 294 Cr

Bengaluru-based meat delivery startup Licious claimed that its loss declined 44% to INR 293.77 Cr in the financial year 2023-24 (FY24) from INR 528.5 Cr in the previous fiscal year.

However, the startup’s revenue declined 8.4% to INR 685.05 Cr during the year under review from INR 748 Cr in FY23. 

The D2C brand earns revenue by selling meat, seafood, cold-cuts, and ready-to-eat meat items across online platforms. 

In a statement, the startup attributed the decline in revenue to the closure of its sales from platforms Dunzo and Swiggy Meatstore, as well as it winding down exposure to modern trade and local stores. 

However, it claimed that this was offset by a 35% year-on-year (YoY) growth in quick commerce deliveries. Owing to the strong demand for quick deliveries, the startup said it is now piloting 30-minute meat deliveries in Gurugram as it shifts to a full-stack D2C model.

Further, Licious claimed that 85% of its revenue in the fiscal came from its own D2C app. It claims to deliver meat to 1.2 Mn consumers on a monthly basis via its app. 

Besides, it is also eyeing aggressive expansion of its offline store network. Recently, Licious acquired Bengaluru-based offline retailer My Chicken and More, bringing its offline retail points of sale to 26. While the company did not disclose the financial terms of the transactions, it said that the buyout will help it add 23 more stores to its network and expand its offline footprint.

On the back of its offline expansion, the startup said it is expecting EBITDA breakeven or even turning profitable in the current financial year. 

The D2C startup’s EBITDA margin stood at -58.9% in FY23. 

“We are now focused on building a full-stack distribution operation through an omnichannel strategy. Last year has been a transition, with short-term impacts from strategic adjustments. However, we expect to see the positive results of these choices by the end of FY25,” Licious cofounders Ajay Hanjura and Vivek Gupta said in the statement. 

It is pertinent to note that Licious fired around 80 employees in FY24 in a restructuring exercise.

Note: We at Inc42 take our ethics very seriously. More information about it can be found here.