Meat unicorn has laid off about 3% of its workforce, or 80 employees, as per media reports.
This is in a bid to do a cost-cutting exercise, The Economic Times reported.
The Bengaluru-based startup narrowed its losses while experiencing a slight boost in its revenue in FY23. It reported losses amounting to Rs 528.6 crore, a 38.2% reduction from the Rs 855.6 crore loss incurred in the previous financial year on a consolidated basis. Meanwhile, its operating revenue increased by 9.6%, touching Rs 747.8 crore in FY23, compared with Rs 682.6 crore in FY22.
In an interview with YourStory last year, the company said it was engaging with investors to raise capital, adding that it still has more than $100 million in the bank.
Founded in 2015 by Vivek Gupta and Abhay Hanjura, Licious operates in the meat delivery space. It has raised about $490 million to date from investors like Mohandas Pai, Kanwaljit Singh, and Mayfield Fund.
Edited by Kanishk Singh
