Licious, India’s leading online seller of meat and seafood, is intensifying its efforts to achieve profitability as it prepares for a public listing in 2026. The Temasek Holdings Pte-backed startup is joining a wave of consumer-facing companies eyeing the Indian stock market, following a record-breaking year for IPOs in 2024 when local firms raised over $20 billion.
Path to Profitability
Delightful Gourmet Pvt., the parent company of Licious, is aggressively expanding its brick-and-mortar footprint and enhancing its delivery speeds to compete with quick commerce rivals. The company aims to achieve profitability at the EBITDA level by August 2025, according to co-founder and CEO Vivek Gupta.
“We want to be an IPO-ready company in 12 months,” Gupta stated in an interview, underscoring Licious’ commitment to financial sustainability before listing.
The Bengaluru-based company is targeting a valuation exceeding $2 billion at the time of listing, up from its last valuation of $1.5 billion in 2023. Licious’ notable investors include Avendus Capital Pvt. and Kotak Investment Advisors, according to data from Tracxn Technologies Ltd.
Co-founders Gupta and Abhay Hanjura, however, refrained from commenting on the precise valuation target before the company initiates its IPO process.
Capitalizing on India’s Meat and Seafood Market
With nearly 75% of India’s 1.4 billion people consuming meat or seafood, Licious is positioning itself as a trusted alternative to traditional mom-and-pop retailers. The company is betting on India’s rising disposable incomes and smartphone penetration, banking on consumers’ willingness to pay more for convenience and hygiene.
India’s seafood market alone generates an estimated $59 billion in annual revenue, while the meat market is valued at $26 billion, according to Statista. The highly fragmented and unorganized nature of the industry presents Licious with a massive growth opportunity.
Currently present in 20 Indian cities, Licious offers a wide range of fresh meat cuts, fish, seafood, and ready-to-eat items such as spice mixes, spreads, and marinated products.
IPO Proceeds to Fund Expansion
The proceeds from Licious’ IPO will be used to expand its presence across India’s largely unorganized meat and seafood market. The company also plans to acquire offline retailers to strengthen its omnichannel strategy, co-founder Hanjura revealed.
Additionally, the IPO will provide an exit opportunity for some of the firm’s early investors who have supported its journey since its founding in 2015.
Competing in the Quick Commerce Race
Licious currently promises an average delivery time of 90 minutes but is now working toward a 30-minute delivery model. This move is part of its strategy to challenge quick commerce giants like Zomato Ltd. and Swiggy Ltd., which have rapidly expanded into the fresh meat and seafood segment.
The company has already rolled out quick deliveries in Gurugram, a key satellite city near New Delhi, and plans to implement the model in most of its operational cities by June 2025.
Challenges in the Online Meat Market
Despite its ambitious expansion plans, Licious faces significant challenges, including slowing sales growth after pandemic-driven peaks. The company is grappling with a broader consumption slowdown in India’s urban centers, as well as the slower-than-expected shift to online meat purchasing in smaller cities.
Competition is also intensifying, with players like Zepto, which has launched its in-house meat brand Relish, and Amazon-backed FreshtoHome gaining traction in the segment.
Diversification and Retail Expansion
To counter market headwinds, Licious is diversifying its product portfolio by adding more ready-to-cook marinated products and exploring new offerings such as momos, a popular Tibetan-style dumpling in India.
The company is also ramping up its offline presence, with plans to open 50 retail stores by March 2026, up from just three currently. This expansion is aimed at catering to traditional meat consumers who prefer selecting their cuts in person. Licious’ acquisition of Bengaluru-based My Chicken and More, which operated 22 outlets, aligns with this broader strategy.
Hanjura believes that offline stores will also function as a powerful marketing tool, stating, “If you see my fish in the offline world three times, you would start buying online, right?”
Conclusion
As Licious accelerates toward its 2026 IPO, its focus remains on profitability, expansion, and technological advancements. The company’s omnichannel approach—combining quick commerce, online retail, and offline stores—positions it well to capture a significant share of India’s growing meat and seafood market.
With robust investor backing, a clear roadmap to profitability, and an aggressive expansion strategy, Licious is poised to become a formidable player in India’s evolving food retail landscape.