Licious, the omnichannel meat retailer, has laid off 80 employees, representing 3% of its total employee base. The firm said the layoffs were part of an “operational reset to sharpen growth focus”.
It employs 650 corporate staff members and 2,350 employees dedicated to production and supply chain operations.
In a statement, the company said that the impacted employees are being offered two months’ salaries as compensation, along with the variable payment for FY24.
The company stands as the sole unicorn in its sector, which has experienced a gradual slowdown over the past eighteen months.
The company’s revenue for FY23 stood at INR 748 crore, marking a 9% growth compared to the previously projected revenue of INR 1,500 crore.
Continue Exploring: Licious records INR 748 Cr in meat sales for FY23 as growth plateaus
The meat and seafood firm has been working to expand its range of ready-to-eat products. Late last year, it also came out with its own plant-based meat brand, UnCrave, as it tried to tackle the seasonal nature of the business—a large number of Indians do not consume meat during festivals.
