Meat and seafood delivery company Licious is stepping aggressively into physical retail, targeting 80 branded outlets by December as it seeks to strengthen its omni-channel presence. Already past the 50-store mark, the company’s offline operations are now contributing significantly — in September, offline channels generated ₹32 crore, compared to ₹90 crore from online.
During the first half of 2025, Licious launched 25 new Licious stores and has committed to opening another 10 by year end. It also acquired a 30-store chain, My Chicken and More, giving it additional physical footprint.The firm’s offline revenue rose 42% year-on-year in Q1 2025, while its online business — including quick commerce — saw 23% growth.
While it is focused on expansion, Licious is also working to rein in losses and improve its financials. In FY24, it reported losses of ₹294 crore, though that was already a 44% improvement from the prior year. Revenues in FY24 fell 8% to ₹685 crore from ₹748 crore in FY23.The company had previously targeted EBITDA breakeven in FY25, though final results are yet to be released.
Amidst this push, Licious has deferred its IPO plans to FY27-28, opting instead to prioritize profitability and sustainable growth. As part of its cost rationalization, it has shut down its plant-based meat brand UnCrave.
Geographically, Licious is prioritizing expansion in Mumbai and the National Capital Region, but has plans to expand into smaller cities in 2026. The company is also ramping up delivery speed — now offering 30-minute delivery to 60% of its user base and piloting 15-minute delivery for ready-to-eat meals in select locations.
Overall, Licious is executing a bold offline expansion strategy while trying to stabilize its financials — a move that could reshape how we think about direct-to-consumer in food retail.
