Licious, a Bengaluru-based meat delivery startup, concluded the financial year (FY) 2022-23 with an operating revenue of Rs 748 crore, reflecting a 9.5 per cent growth from Rs 682.5 crore in the previous fiscal year.
However, the revenue figures fell significantly short of the company’s initial projection of Rs 1,500 crore for FY23, according to media reports. This slower growth trend also continued from FY22 when Licious reported an operating revenue of Rs 682.1 crore.
In spite of revenue challenges, Licious managed to reduce its losses in FY23 to Rs 528.5 crore, marking a significant improvement of over 38 per cent from Rs 855.6 crore in FY22. It’s worth noting that Licious’ costs remained largely unchanged or higher on a year-on-year basis.
Licious’ founders, Abhay Hanjura and Vivek Gupta, have been vocal about their efforts to steer the company towards profitability, a strategy that has resulted in reduced losses and improvements in the startup’s financial health.
Categories: Other News