Licious has closed FY26 with net revenue of ₹1,166 crore, marking 47% year-on-year growth as the omnichannel meat and seafood player sharpened its focus on deeper penetration within existing urban markets, the company said.
The Bengaluru-based firm is targeting ₹1,800 crore in FY27. It is the largest single-year absolute revenue growth for the 10-year-old omnichannel meat and seafood company. The company reported revenue of ₹795 crore in FY25.
The company’s growth has come from deepening presence and speed in the key micro markets of Bengaluru, Mumbai and NCR. Licious will continue to build out 10 micro markets in these megapolises in FY27. Over the next five years, the company has identified 120 such micro markets in the top seven cities where it currently operates.
The network of dark stores will triple from 130 to about 400 in the same period. The company will add about 70 in FY27.
Online continues to anchor the business, growing from ₹770 crore to touching ₹1000 crore in FY26, a 28% increase. The gains have come from improving delivery infrastructure and deepening presence in existing markets rather than aggressive city expansion.
The company’s omnichannel strategy has scaled meaningfully, with offline revenue growing from ₹26 crore in FY25 to ₹177 crore in FY26. The company now operates over 60 outlets, which serve less as a standalone revenue channel and more as a trust and discovery layer that complements its digital business.
The EBITDA burn stands at ₹187 crore in FY26, up from ₹168 crore in FY25, as it invested in infrastructure and offline scale-up. However, as a share of net revenue, burn has declined by 5.2 percentage points, reflecting improving operating leverage.
The brand salience remained robust, with repeat consumption accounting for 94% of the business and over 1.5 million MAUs. The 30-minute delivery offering, ‘Flash’, now covers about 55% of its online customers. Faster delivery has reshaped user behaviour, improving new user conversion and increasing order frequency while average order value has risen to Rs 675.