Licious, India’s largest direct-to-consumer (D2C) fresh meat and seafood brand, is preparing for its biggest delivery yet—a stock market debut. The Bengaluru-based company, backed by Temasek, has set its sights on a valuation exceeding $2 billion in its upcoming IPO, aiming for a listing on the National Stock Exchange (NSE) and Bombay Stock Exchange (BSE) by 2026. As the company sharpens its financials ahead of the listing, industry observers are keen to see whether it can carve a strong position in India’s competitive public markets.
A Growing Appetite for Convenience
Nearly 75% of India’s 1.4 billion population still relies on traditional mom-and-pop shops for meat and seafood purchases. Licious, however, is betting on the urban consumer’s willingness to pay a premium for quality, speed, and convenience. The company currently processes 1.2 million orders per month, boasting a 90% customer retention rate. But can it sustain this momentum in the face of intensifying competition from quick-commerce players like Zomato and Swiggy?
Financial Fitness: The Road to Profitability
Licious has been tightening its financial belt ahead of the IPO. Revenue for FY24 stood at ₹850 crore, with a current monthly run rate of ₹72 crore. Losses have narrowed significantly—down 44% over two years to ₹294 crore—while the burn rate has been halved from ₹26 crore to ₹12 crore per month.
Despite these improvements, profitability remains a challenge. CEO Vivek Gupta has set a target to achieve EBITDA-level profitability by August 2025, ensuring the company is IPO-ready within 12 months. Licious is also expanding its product range with ready-to-cook marinated meats and frozen items like momos, while planning to scale its brick-and-mortar presence to 50 stores by 2026, up from just three currently.
Market Potential: A Billion-Dollar Opportunity
The Indian meat and seafood market represents a massive opportunity. The fish and seafood industry alone is valued at $58.9 billion, while the meat market is worth $26 billion. Licious is capitalizing on this demand with its controlled supply chain, which ensures high hygiene standards and end-to-end cold storage logistics. The company is also the first in the segment to take a pledge toward complete ESG compliance, enhancing its appeal to sustainability-conscious investors.
Challenges Ahead
While Licious has a strong consumer brand and a loyal customer base, it faces several hurdles. First, scaling a fresh meat business is capital-intensive, requiring significant investment in cold chain infrastructure. Second, consumer sentiment in India’s IPO market has been volatile, with 60% of companies listed on BSE in 2024 trading below their issue price. Finally, quick-commerce players are ramping up their presence in the grocery and meat segment, offering stiff competition.
What’s Next on the Menu?
Licious plans to file its draft IPO papers with SEBI by early 2026. If successful, it will join the ranks of high-profile consumer-tech startups that have tapped India’s public markets. As it prepares for this next phase, all eyes will be on its ability to achieve sustainable profitability and defend its market share against emerging competitors. For now, investors and consumers alike will be watching closely to see if Licious can make its IPO the biggest catch yet.
