Omnichannel meat retailer Licious saw its losses for the financial year ended March 31, 2023, narrow by about 38% to Rs 528.6 crore from Rs 855.7 crore a year ago. Revenues grew 9.5% to Rs 747.8 crore from Rs 682.6 crore a year earlier, on a consolidated basis, according to documents sourced from business intelligence platform Tofler.
Last September, the firm had reportedly projected that its FY23 revenues would hit Rs 1,500 crore, roughly double of what it had reported a year earlier. The projection had come roughly six months after it raised $150 million in a funding round led by Singapore-based Amansa Capital, where existing investors, including Temasek and 3One4 Capital, also participated. The fundraise had valued the firm at well over $1 billion, according to data from Tracxn.
Licious’s total expenses for FY23 stood at Rs 1,309.3 crore, up from the Rs 1,191.5 crore it had spent the previous year. Cost of materials consumed, which in Licious’s case would mostly constitute the purchase of meat and fish products, totalled Rs 644.7 crore, against Rs 554.3 crore in FY22. Employee benefit expenses were another major expenditure for the firm, adding up to Rs 239 crore.
The meat and seafood company 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.
In January, food delivery major Swiggy shut its own meat marketplace amid a broader slowdown in the online meat market, though it continues to host the likes of Licious on its Instamart platform. In February, Licious’s competitor FreshToHome raised $104 million in a round led by Amazon Smbhav Venture Fund.