🔥 Premium AI-powered Stock Picks from InvestingPro Now up to 50% OffCLAIM SALE

Licious sees flat revenue, losses narrow to Rs 528 cr in FY23

Published 29-09-2023, 11:05 pm
© Reuters.  Licious sees flat revenue, losses narrow to Rs 528 cr in FY23

New Delhi, Sep 29 (IANS) Direct-to-consumer (D2C) foodtech platform Licious saw its operating revenue remain flat to reach Rs 746.3 crore in FY23, less than half of what it had projected. Even as the company’s revenues remained flat, its losses in FY23 narrowed to Rs 528.5 crore, still down around 38 per cent from Rs 855.6 crore in FY22, according to data accessed via market intelligence platform Tofler.

Licious’ total expenses were Rs 1,304.8 crore -- an increase of 10 per cent from Rs 1,187 crore in FY22, according to reports.

Last week, the foodtech platform said it has implemented measures for better business efficiency and is hopeful of closing FY24 with a revenue run rate of Rs 1,200 crore.

Licious said in a statement that earlier this year, it turned operating margin profitable with "minimal cash burn at 8 per cent operating profit margin and 30 per cent product gross margin".

To achieve these impactful business results, "given the current context of larger macro-economic factors and without downsizing on people or costs, is a remarkable achievement that we take pride in", said the company.

The meat delivery platform said the brand continues to invest in technology for enhancing consumer experience, supply chain excellence, product innovation, honing the right talent and vendor partner upgrades, "with a strong focus on growing sustainably and responsibly".

"We have been achieving 50 per cent growth year on year, and are confident of sustaining the present growth momentum," it said.

In March last year, the foodtech platform raised $150 million, after it became the first D2C unicorn in the country. The funding round was led by Singapore-based Amansa Capital, along with Kotak PE & Axis Growth Avenues AIF-I. Existing investors also participated in the round.



Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.