Licious pares FY24 losses by 44%; revenue slides 8% to Rs 685 Cr
Licious said its FY24 sales were hurt by a shift from modern retail and the closure of distribution channels like Dunzo and Swiggy Meatstore.
Omnichannel meat and seafood retailer Licious on Wednesday said it narrowed its FY24 losses by 44% to Rs 293.77 crore as it streamlined its operations and distribution channels.
The Bengaluru-headquartered company reported a revenue of Rs 685.05 crore in FY24, compared to Rs 746.38 crore in FY23.
Its revenue decline of 8% was attributable mainly to the closure of distribution channels, Dunzo and Swiggy Meatstore specifically. Its efforts in deprioritising exposure to modern trade and local stores also dragged revenue down.
However, these headwinds to topline were offset by the growth of quick commerce deliveries, which increased 35% YoY. Licious also reported a 5% rise in platform-driven sales for the year.
Delightful Gourmet, which owns Licious, now plans to focus on owned channels for distribution. Licious, which competes with players like Zappfresh, FreshToHome, as well as legacy meat shops, is now piloting 30-minute deliveries in Gurugram as it shifts to a full-stack D2C model.
“We are now focused on building a full-stack distribution operation through an omnichannel strategy. Last year has been a transition, with short-term impacts from strategic adjustments. However, we expect to see the positive results of these choices by the end of FY25," Co-founders Abhay Hanjura and Vivek Gupta said in a press note.
Just two days ago, the company announced the acquisition of Bengaluru-based offline retailer My Chicken and More, which brought Licious’ retail points-of-sale to 26. It currently expects to touch EBITDA breakeven by the end of this year even as it looks closely at offline store networks.
Edited by Jyoti Narayan
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