Meat and seafood retailer Licious saw net revenue climb 47% to Rs 1,166 crore in FY26 from Rs 795 crore a year earlier. At the same time, its EBITDA burn increased 11% to Rs 187 crore from Rs 168 crore.

For FY27, the company is targeting revenues of Rs 1,800 crore. Licious, founded as a D2C meat brand by Abhay Hanjura and Vivek Gupta in 2015, registers sales through its own platform and physical stores, and also lists a select range of products on quick-commerce apps. The company is present in seven markets, with Bengaluru, Mumbai and Delhi NCR emerging as its top regions. Online channels account for the bulk of its business.

Revenue from online operations rose to Rs 1,000 crore in FY26 from Rs 770 crore a year earlier. Licious's 30-minute delivery service on the platform, Flash, now serves about 55% of online customers and has lifted average order value to Rs 675. The company plans to expand its network of dark stores from 130 to 400 in FY27. As of March 2026, it had over 3.6 lakh active subscribers on its platform, up 44% from FY25. The offline business is also growing from a smaller base.

Licious now runs about 60 stores, which generated Rs 177 crore in the year ending March 31, 2026, compared with Rs 26 crore in FY25. Licious has raised about $490 million in funding to date. Its latest round came in 2023, when it picked up $914,000 from Innoven Capital at a post-money valuation of $1.47 billion, Tracxn data shows. A year earlier, the company had raised $150 million at a valuation of $1.46 billion from Temasek, 360 One, True North and Multiples Alternate Asset Management. That round, which came on the back of strong sales, was one of the largest for a consumer brand at the time.

That phase was followed by a tougher stretch. Licious expanded aggressively, but some bets did not work. Its push into plant-based meat and its "experience store" restaurant format in Bengaluru fell short of expectations. At the same time, the core business also came under pressure.

FY24 was a mixed year for the company. Operating revenue declined by a single-digit percentage, while losses improved by a double-digit percentage. According to a memo shared with investors, gross margin expanded by 5% from 21% in FY23, helped by lower discounts, renegotiated vendor contracts and service automation. Licious now faces a more crowded market. Its rivals include Amazon-backed FreshToHome, TenderCuts and GoodToGo. Other names in the category are Meatigo, Meatzza and Relish, the private-label meat brand from quick-commerce platform Zepto.