The Bengaluru-based direct-to-consumer (D2C) meat and seafood business Licious is getting ready for its much anticipated initial public offering (IPO) in 2026. The company is now aiming for a public debut valuation of more over $2 billion, having recently been valued at $1.5 billion in March 2023. To achieve this, Licious is making deliberate efforts to improve its financial stability and operational efficacy.
Credits: Inc 42
Path to Profitability: A Strategic Overhaul
Delightful Gourmet Pvt Ltd, the company that runs Licious, has been working hard to cut losses and turn a profit. By August 2025, the foodtech unicorn hopes to increase its EBITDA level of profitability. In an effort to compete with participants in rapid commerce, the corporation is increasing its physical presence and speeding up delivery.
“We want to be an IPO-ready company in 12 months,” Licious co-founder and CEO Vivek Gupta stressed in an interview. This demonstrates how vital it is for the company to solidify its foundation before entering the stock market.
Offline Expansion: Strengthening Market Presence
To bolster its omnichannel strategy, Licious is doubling down on physical retail. Last October, the company acquired Bengaluru-based offline meat retailer My Chicken and More in a cash-and-equity deal. This acquisition added 23 new stores to Licious’ footprint, reinforcing its presence beyond the digital landscape.
By leveraging offline retail, Licious aims to enhance brand visibility, improve last-mile delivery, and cater to customers who prefer in-person shopping experiences. This move also allows the company to mitigate the high logistics costs associated with cold-chain food delivery.
Financial Snapshot: Losses Shrink, Revenues Dip
Despite its efforts to turn a profit, Licious’ revenue fell 8.4% in FY24, from INR 748 crore in FY23 to INR 685.05 crore. However, the company was able to significantly cut its losses, which decreased by 44% from INR 528.5 crore in FY23 to INR 293.77 crore in FY24.
As part of a restructuring operation in FY24, Licious laid off more than 80 workers in an attempt to strengthen the company’s financial position. Despite being difficult, this move helped to streamline processes and eased pressure on the company’s bottom line.
Competing in a Crowded Market
Licious competes fiercely with fast-commerce behemoths like Zepto, Blinkit, and Swiggy Instamart in a fiercely competitive market. Consumer expectations have shifted due to the emergence of speedy delivery services, which has forced Licious to improve its own logistics in order to remain competitive.
Additionally, local butcher shops and new businesses are fighting for market share in India’s still somewhat disorganized traditional meat retail industry. Licious still relies on its farm-to-fork business approach to set itself apart, handling the whole supply chain internally to guarantee freshness and quality control.
Funding and Investor Backing
Notable investors like Temasek, 3One4 Capital, and IIFL have contributed $554.22 million to Licious since its founding in 2015. Strong support from both domestic and international investors shows that they have faith in the company’s ability to thrive over the long run. However, Licious needs to show a clear route to long-term profitability in order to keep investors interested before its IPO.
IPO Roadmap: What Lies Ahead?
Licious’ goal of going public in 2026 is ambitious, but the company appears to be making the right moves to get there. In the next 12-18 months, the brand will focus on:
- Achieving positive EBITDA
- Expanding its offline and online presence
- Enhancing delivery efficiency to match quick-commerce speeds
- Strengthening its supply chain to reduce costs
If successful, Licious’ IPO could mark a significant milestone in India’s D2C and foodtech landscape, setting a precedent for other startups in the sector.
Credits: PUNE.NEWS
Final Thoughts
The company’s strategic pivots—offline expansion, cost reduction, and delivery optimization—will be crucial as Licious forges ahead toward profitability. Its 2026 public listing may rank among the most anticipated IPOs in the Indian startup scene if these ambitions are successfully carried out. Right now, everyone is watching to see how Licious changes its operations to prepare for an IPO.
