Omnichannel meat and seafood retailer Licious on Wednesday announced 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 due to 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 along with legacy meat shops, is now piloting a 30-minute deliveries in Gurgaon 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.
