Licious Targets $2Billion IPO to Expand Reach in India’s Meat and Seafood Market

Introduction

Licious, the Temasek-backed meat and seafood delivery startup, is gearing up for an ambitious IPO in 2026, aiming to secure a $2 billion valuation. Since its launch in 2015, the Bengaluru-based company has been revolutionising the way India buys fresh meat and seafood, with plans to scale even further. But Licious isn’t just focusing on online sales. While the company initially built its reputation as an app for fresh cuts of meat and seafood, it is now accelerating its expansion with physical stores, faster delivery times, and a target to achieve profitability by August 2025.

About the Company – Licious

Founded in 2015  by Vivek Gupta and Abhay Hanjura, Licious is a Bengaluru-based meat and seafood brand. The company sells chicken and goat meat, fish, other seafood, as well as spice mixes, spreads, and ready-to-eat items. Licious works on a farm-to-fork model owning the entire back-end supply chain and the cold chain. A separate recipe section is also present in their App. It helps the customers to cook delicious dishes. And also teaches the exotic chef style. Licious is present in 20 Indian cities. It operates across Bangalore, Hyderabad, Delhi-NCR, Chandigarh, Mumbai, Pune, Chennai, Coimbatore, Pondicherry, Jaipur, Kochi, Vizag, Kolkata, and Vijayawada. Licious has emerged as a market leader in the online meat delivery segment in India, expanding its operations to multiple cities and catering to a growing customer base.

About the Founder

Vivek Gupta and Abhay Hanjura are the founders of Licious.

• Vivek Gupta

Vivek Gupta is the Co-founder of Licious. He started his career as a Corporate Finance Manager at Tavant Technologies. Vivek previously served as the Finance Controller of Helion Ventures and the Non-Executive Director at MobiCom Commune Pvt. Ltd. He completed his BCom from Punjab University and went on to become a Chartered Accountant (CA). Vivek Gupta’s tenure as founder of Licious has been characterized by notable achievements.

• Abhay Hanjura

Abhay Hanjura is also the Co-founder of Licious. He is a Hindu Kashmiri Pandit and was the campus ambassador of Infosys. Abhay started his career as a Deputy Manager at India Insure Risk Management Services. He was also the Head of Business Intelligence and Associate Director of Futurisk Insurance Broking Pvt Ltd.

The Company’s Plan

Licious CEO and co-founder Vivek Gupta said – We are planning to come up with an IPO in the next 12 months.The Bengaluru-based firm is targeting a valuation of over $2 billion in the listing. Data from Tracxn Technologies Ltd shows that Licious was valued at $1.5 billion in its last funding round in 2023 and its investors include Avendus Capital Private and Kotak Investment Advisors. However, Vivek Gupta did not comment on the target valuation before the company started the IPO process. The company plans to use the proceeds from the IPO to expand in India’s highly unorganized meat and fish market and acquire small offline stores. The listing will also provide an exit opportunity to some of its backers.

Licious promises customers delivery in an average of 90 minutes but is now working towards 30-minute delivery. Vivek Gupta said the company has already started quick delivery in Gurugram, a city on the outskirts of New Delhi, and will expand it to most of Licious’ markets by June. It aims to open 50 stores by March 2026 for traditional meat eaters. It acquired Bengaluru-based retailer My Chicken & More with 22 outlets last year.

Licious – IPO

The company plans to be IPO-ready within the next 12 months, a lofty goal that reflects its aggressive growth strategy. India’s meat and seafood market is worth approximately $85 billion, and Licious intends to capture a larger share of this massive, largely unorganised sector. The IPO funds will be used to drive growth and acquire smaller offline stores, with the goal of reaching 50 stores by March 2026.

Licious is facing growth challenges due to the post-pandemic slowdown in online food delivery, alongside increasing competition from new players like Zepto and FreshToHome. To stay competitive, the company is focusing on its strengths of providing high-quality, fresh products while diversifying its offerings with ready-to-cook meals such as momos to keep customers engaged.The brand is also expanding offline, with physical stores aimed at boosting product experience and increasing brand visibility. By familiarizing customers with its products in-store, Licious hopes to drive more online sales.With a strong tech infrastructure and logistics support, Licious is well-equipped to meet customer needs. However, its continued success hinges on balancing investor expectations and consumer satisfaction.

Licious – Financials

Licious saw a decline in revenue in FY24 while also managing to reduce expenses and losses compared to FY23. Below is a detailed breakdown of its financials over the years.

• Revenue declined by INR 60.8 crore in FY24, mainly due to a fall in operations revenue.
• Expenses were reduced by INR 263.7 crore, with a major drop in material and employee costs.
• Losses decreased by INR 230 crore, showing an improvement in financial efficiency.

Conclusion

In conclusion, Licious upcoming IPO marks a significant step in the company’s journey to becoming a dominant player in India’s meat and seafood market. With a focus on high-quality, fresh products and expanding both online and offline presence, Licious is positioning itself for future growth. However, as it prepares for its $2 billion public offering, the company will need to effectively navigate the challenges of fierce competition, investor expectations, and maintaining customer satisfaction. If successful, Licious could pave the way for greater innovation in the food delivery industry while capturing a larger share of the market.

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