Licious has reported a strong 47 percent year on year increase in revenue to ₹1,166 crore for FY26, up from ₹795 crore in the previous fiscal, reflecting sustained demand in the organised meat and seafood segment. The company is now targeting ₹1,800 crore in revenue by FY27, driven by a strategy centered on deepening its presence in existing urban markets, strengthening delivery infrastructure, and increasing repeat customer engagement rather than pursuing aggressive geographic expansion.
A key driver of Licious’s performance has been its high customer retention, with repeat orders accounting for approximately 94 percent of total business. The platform currently serves over 1.5 million monthly active users, indicating strong brand loyalty and consistent consumption patterns in its core markets. The company has focused on enhancing service levels within key micro markets across cities such as Bengaluru, Mumbai, and Delhi NCR, where improved delivery timelines and better supply chain integration have contributed significantly to growth. Going forward, Licious plans to expand into 10 additional micro markets within these cities in FY27, further strengthening its density driven approach.
The company’s online segment continues to account for the majority of revenue, growing 28 percent to ₹1,000 crore in FY26 from ₹770 crore in the previous year. At the same time, Licious is gradually scaling its offline presence, operating over 60 retail outlets compared to around 50 outlets in October. This expansion into physical retail is part of a broader omnichannel strategy aimed at increasing brand visibility and providing customers with multiple touchpoints for purchase.
To support its growth ambitions, Licious is also investing heavily in its backend infrastructure. The company plans to significantly expand its network of dark stores, increasing from the current 130 to approximately 400 over the next five years, with around 70 new additions planned in FY27 alone. This expansion is expected to enhance delivery speed, improve service reliability, and enable the company to better serve high demand micro markets.
However, these investments have also led to increased cost pressures in the short term. Licious reported a widening of EBITDA losses to ₹187 crore in FY26, compared to ₹168 crore in FY25, primarily due to higher spending on infrastructure development and offline expansion initiatives. Despite this, the company appears to be prioritizing long term growth and market leadership over immediate profitability, a common approach among consumer internet and quick commerce driven businesses.
The company’s growth strategy reflects a broader shift within the category, where success is increasingly driven by operational efficiency, supply chain strength, and customer retention rather than rapid geographic expansion. By focusing on improving service quality within existing markets, Licious is aiming to build a more sustainable and scalable business model.
Overall, Licious’s FY26 performance highlights strong demand fundamentals in the organised meat delivery space, supported by increasing consumer preference for hygiene, convenience, and quality assurance. With continued investments in infrastructure and a clear focus on urban markets and repeat consumption, the company is positioning itself to achieve its next phase of growth while navigating the balance between scale and profitability.
