Licious Reports ₹1,166 Cr Revenue, Targets ₹1,800 Cr FY27

How Licious achieved strong revenue growth in FY26

Licious has reported a strong financial performance for FY26, with revenue reaching ₹1,166 crore, marking a sharp 47% year-on-year growth from ₹795 crore in the previous fiscal.

This growth reflects the increasing demand for high-quality, fresh meat and seafood delivered through digital platforms. The company has focused heavily on execution rather than aggressive expansion, which has helped improve efficiency.

For example, Licious strengthened its presence in key urban markets like Bengaluru, Mumbai, and NCR, improving delivery speed and customer experience.

Another key factor behind this growth is its strong repeat customer base. Nearly 94% of its business comes from repeat users, showing high customer trust and retention.

The takeaway is clear. Licious is not just growing fast, but doing so with a strong and loyal customer base.

What is driving Licious’s business growth

Licious’s growth is powered by a combination of operational efficiency, digital strength, and supply chain improvements.

Key growth drivers include:

• Strong online sales crossing ₹1,000 crore
• Improved delivery infrastructure and speed
• Expansion in high-demand urban micro markets

The company’s online segment continues to remain the backbone of its business.

At the same time, Licious is building a hybrid model by expanding offline stores, which act as trust and discovery centers for customers.

For instance, the company now operates dozens of physical outlets, helping strengthen brand visibility and customer engagement.

The takeaway is that Licious is successfully combining online convenience with offline trust to scale its business.

Expansion strategy: Micro markets and dark stores

Licious is focusing heavily on a micro-market strategy to drive deeper penetration in existing cities instead of expanding rapidly into new regions.

The plan includes:

• Building multiple micro markets in FY27
• Scaling micro market presence across top cities
• Expanding dark store network significantly

This strategy allows faster delivery, better inventory management, and improved customer experience.

For example, localized micro markets help reduce delivery time significantly and increase order frequency.

The company also plans to add several new dark stores to support growth.

The takeaway is that Licious is prioritizing depth over breadth in its expansion strategy.

Offline growth and omnichannel approach

While Licious started as an online-first brand, its offline business is now gaining traction.

Offline revenue has grown significantly, showing strong adoption of its physical stores.

These stores are not just for sales but also serve as:

• Trust-building touchpoints
• Product discovery centers
• Brand experience hubs

For example, customers can physically verify product quality, which increases confidence in online orders.

This omnichannel approach helps Licious differentiate itself in a highly competitive market.

The takeaway is that offline expansion is enhancing customer trust and supporting long-term growth.

Profitability challenges and cost structure

Despite strong revenue growth, Licious continues to face profitability challenges.

The company reported losses at the EBITDA level, reflecting ongoing investments in growth and infrastructure.

This is mainly due to:

• Heavy investment in infrastructure
• Expansion of dark stores and offline outlets
• Technology and logistics upgrades

For example, improving delivery speed and cold chain logistics requires significant capital, impacting short-term profitability.

However, these investments are aimed at building long-term scalability and market leadership.

The takeaway is that Licious is prioritizing growth and infrastructure over immediate profitability.

FY27 target: Can Licious reach ₹1,800 crore?

Licious is targeting ₹1,800 crore in revenue for FY27, implying a strong growth trajectory.

To achieve this, the company is focusing on:

• Increasing repeat purchases
• Expanding micro markets in key cities
• Strengthening supply chain and delivery network

For instance, higher order frequency and improved customer retention can significantly boost revenue without large-scale expansion.

Additionally, the company’s growing user base supports this ambitious target.

The takeaway is that Licious’s growth target is aggressive but achievable if execution remains strong.

What this means for India’s food tech and D2C market

Licious’s performance highlights the growing potential of India’s direct-to-consumer food tech segment.

Key industry trends include:

• Rising demand for convenience-driven food services
• Increasing trust in online meat and seafood delivery
• Shift toward branded and quality-controlled products

For example, the traditional meat market in India is largely unorganized, giving companies like Licious a significant growth opportunity.

This also reflects a broader shift toward digital-first consumption in the food sector.

The final takeaway is clear. Licious is positioning itself as a leader in India’s evolving food tech ecosystem, with strong growth momentum and a clear expansion strategy.