Licious eyes 2026 IPO, targets profitability as it expands offline presence

The company is among several consumer-focused firms looking to capitalise on India’s stock market opportunities.

Delightful Gourmet Pvt., Licious' parent firm, is expanding its physical store network and enhancing delivery speed to compete with quick-commerce players.

The company is targeting EBITDA-level profitability by August, co-founder and CEO Vivek Gupta said.

"We want to be an IPO-ready company in 12 months," Gupta told Bloomberg.

The Bengaluru-based startup is reportedly aiming for a valuation exceeding $2 billion at the time of listing, sources familiar with the matter told Bloomberg.

Licious was last valued at $1.5 billion during its 2023 funding round and counts Avendus Capital and Kotak Investment Advisors among its investors, according to Tracxn Technologies.

Although Gupta and co-founder Abhay Hanjura refrained from commenting on valuation targets ahead of the IPO process, Licious is expected to be one of India’s notable listings.

India has a vast meat and seafood consumer base, with nearly 75% of the country’s 1.4 billion people consuming fish, chicken, or other meats.

While most of these purchases happen at small local shops, Licious is banking on increasing demand for hygienic, quality-controlled alternatives, driven by a rising middle class and smartphone penetration.

According to Statista, India’s fish and seafood market generates about $59 billion annually, while the meat market is valued at roughly $26 billion.

Operating in 20 cities, Licious offers fresh meat, fish, and seafood, along with spice mixes, spreads, and ready-to-eat products.

The company intends to use IPO proceeds to expand its footprint in India’s largely unorganised meat and seafood sector.

It is also exploring acquisitions of smaller offline stores to strengthen its presence, Hanjura noted.

The IPO will provide an exit opportunity for some of Licious’ investors.

Currently, Licious offers a 90-minute delivery promise but is working to reduce this to 30 minutes to stay competitive with quick-commerce platforms like Zomato and Swiggy. The company has already rolled out 30-minute deliveries in Gurugram and plans to extend this service to most of its markets by June, Gupta said.