Meat and seafood brand Licious is taking a longer view on its market debut, with co-founders Abhay Hanjura and Vivek Gupta indicating that a public listing is now likely only in 2027-28. The company, backed by Temasek and valued at $1.5 billion in 2023, is prioritizing profitability and retail expansion before stepping into the capital markets.
Speaking at the ET Soonicorns Summit 2025, Hanjura said, “We are here for the long run. An IPO is not an end goal for us.” Gupta added that the company expects to turn profitable within the next six to eight months, on the back of 40 percent annual growth.
For FY24, the Bengaluru-based startup narrowed its net loss by 44 percent to ₹294 crore, even as revenue slipped 8 percent to ₹685 crore. The decline was attributed to the shutdown of distribution partners like Dunzo and reduced presence in modern trade channels.
The company now derives nearly 85 percent of its sales through its own website and app, with grocery and quick-commerce platforms accounting for the rest. The founders said they are deliberately deepening focus on owned channels while building an omnichannel strategy. Plans include opening 50 to 100 retail outlets this year and scaling to 500 offline stores across India over the next few years.
On valuation talk, Gupta was dismissive, calling the unicorn tag “a digression.” He said, “We didn’t start this company to become a unicorn. That label comes with unnecessary pressure.”
With more than 300 products and the challenge of short shelf lives, Licious continues to calibrate its partnerships with platforms like Swiggy, but the company’s immediate bet is clear: profitability first, public markets later.
