Meat delivery start-up Licious eyes $2B valuation in 2026 IPO
What's the story
Temasek Holdings-backed online meat and seafood retailer Licious is planning to go public in 2026. It is targeting a valuation of over $2 billion for its listing. The company is currently working on strategies to become profitable ahead of its IPO. As part of this, Licious's parent company Delightful Gourmet is expanding its physical store presence and improving delivery times to take on quick commerce competitors.
Financial goals
Targeting profitability by August
Vivek Gupta, CEO and co-founder of Licious, has disclosed that the company plans to turn profitable at the EBITDA level by August. "We want to be an IPO-ready company in 12 months," he said.
Expansion plans
Growth strategy and market potential
Licious, which was valued at $1.5 billion in its last 2023 funding round, is backed by investors including Avendus Capital and Kotak Investment Advisors. The company intends to use the proceeds from its IPO to expand across India's highly fragmented meat and fish market, and acquire smaller offline stores. This strategy aims to capitalize on the growing demand for quality meat products among India's increasingly affluent, tech-savvy population.
Competitive edge
Licious to compete with quick commerce rivals
Licious is also working to cut down its average delivery time from 90 minutes to just 30 minutes, in a bid to take on quick commerce rivals such as Zomato and Swiggy. The company has already started fast deliveries in Gurugram and plans to expand the service across most of its markets by June. Despite competition from companies like Zepto and Amazon-backed FreshtoHome, Licious remains confident in its growth strategy.
Product innovation
New products and expanding store count
Along with enhancing its delivery times, Licious is also looking to add more ready-to-cook marinated items and new products such as momos. The company also plans to expand its store count to 50 by March 2026, serving traditional meat-eaters who like to pick their own cuts. In 2024, it had acquired Bengaluru-based retailer My Chicken and More with 22 outlets.