IPO: Licious in talks for $2 Billion IPO in IndiaIPO: Licious in talks for $2 Billion IPO in India

Introduction:

Licious, an online meat and seafood retailer backed by Temasek Holdings, is in talks to list on India’s public markets in 2026, aiming for a valuation of over $2 billion. 

The Bengaluru-based company has seen a steady growth trajectory, especially after a successful funding round in 2023 that valued it at $1.5 billion. The IPO will add to the growing list of consumer-facing firms targeting India’s booming public markets. 

Focus on Profitability and Expanding Retail Presence

Licious, operated by Delightful Gourmet Pvt., is pushing to achieve profitability at the EBITDA level by August 2025. CEO and co-founder Vivek Gupta shared that the company is also focusing on expanding its brick-and-mortar presence to compete with quick commerce rivals, while speeding up deliveries to enhance customer experience. Licious currently operates in 20 Indian cities and offers various meat, fish, and ready-to-eat products.

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Licious’ Ambitious Growth Plans Amid Market Competition

The company is seeking to expand its presence in India’s highly unorganized meat and fish market, targeting a significant chunk of the $59 billion seafood and $26 billion meat markets in India. Licious plans to use the IPO proceeds for further expansion and to acquire smaller offline stores. 

The firm has also started quick deliveries in Gurugram and plans to extend it to other markets by June. However, it faces rising competition from peers like Zepto and FreshtoHome, making the need for rapid growth even more pressing.

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Sales Slowdown and New Product Innovations

While Licious has seen a dip in sales growth compared to pandemic-era highs, it remains focused on innovation. The company plans to introduce more ready-to-cook marinated items, as well as new products such as momos, which are increasingly popular in India. 

The company aims to increase its physical store count to 50 by March 2026, up from just three stores at present, and aims to reach more traditional meat-eaters who prefer in-store shopping.

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