Licious FY26 Revenue Growth, IPO

Licious, an omnichannel meat and seafood brand, reported a 47% year-on-year increase in net revenue, reaching Rs 1,166 crore in FY26, up from Rs 795 crore in FY25. The company is targeting Rs 1,800 crore in revenue for FY27. This growth was driven by deeper penetration in urban markets like Bengaluru, Mumbai, and NCR, and strong online sales which rose 28% to nearly Rs 1,000 crore. Offline revenue also surged from Rs 26 crore to Rs 177 crore, with Licious now operating over 60 physical stores. Despite an increase in EBITDA burn to Rs 187 crore due to infrastructure investments, the burn as a proportion of net revenue declined. Licious plans to triple its dark store network to 400 and expand to 120 micro-markets over the next five years. The company, backed by investors like Temasek Holdings, Vertex Ventures, and Bertelsmann — Bertelsmann India Investments, was last valued at $1.5 billion and is preparing for an initial public offering later this year. The broader meat market in India is projected to double to $114.4 billion by 2033.