Licious reported a 47% year-on-year jump in net revenue to ₹1,166 crore in FY26, up from ₹795 crore in the previous fiscal, marking its highest-ever annual increase in absolute terms. The omnichannel meat and seafood platform is now targeting ₹1,800 crore in FY27, as it sharpens its focus on deeper market penetration and repeat consumption, rather than aggressive geographic expansion. 

Online sales remain the backbone of the business, growing 28% to touch ₹1,000 crore in FY26 from ₹770 crore in FY25.  The gains were driven by improved delivery infrastructure and stronger repeat consumption rather than new city launches. Rather than expanding into new cities, the company concentrated on building density in key urban clusters such as Bengaluru, Mumbai and NCR. These core markets became the backbone of growth for the company led by strong execution.

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However, this growth came alongside a higher EBITDA  (earnings before interest, taxes, depreciation, and amortisation) burn of ₹187 crore, compared to ₹168 crore in FY25, as the company ramped up investments in supply chain, dark stores and offline retail. While burn increased in absolute terms, it declined as a percentage of revenue by 5.2 percentage points, suggesting early signs of operating leverage. Licious did not disclose its net loss. 

Offline scales up as a complementary channel

Licious’ omnichannel strategy gained traction in FY26, with offline revenue rising sharply to ₹177 crore from ₹26 crore a year ago.  The company now operates over 60 physical stores, which it positions as a discovery and trust-building layer that feeds into its digital business, instead of being a primary revenue driver.

The company is also doubling down on its micro-market strategy, which focuses on hyperlocal scale within large cities. It plans to build 10 such micro markets across metros in FY27 and has identified 120 micro markets across the top seven cities over the next five years. 

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To support this expansion, Licious will significantly ramp up its supply chain footprint. Its network of dark stores is expected to grow from 130 currently to around 400 over the next five years, including about 70 additions in FY27. 

Customer engagement metrics remained strong, with repeat consumption contributing 94% of total orders and monthly active users crossing 1.5 million.  The company’s 30-minute delivery service, “Flash”, now covers around 55% of its online customer base, helping improve order frequency while pushing average order value to ₹675.