Temasek-backed startup Licious posts 130% rise in losses in FY22 | The Financial Express

Temasek-backed startup Licious posts 130% rise in losses in FY22

The Bengaluru-based unicorn which delivers meat, seafood, eggs and the like, saw revenue grow 64% to Rs 683 crore from FY21’s Rs 416 crore.

Temasek-backed startup Licious posts 130% rise in losses in FY22
Licious said it serves over two million orders every month and boasts of a repeat consumption rate of over 90%.

Direct-to-consumer (D2C) meat delivery company Licious saw its losses surge to Rs 855 crore in FY22, up about 130% from FY21, dragged down by higher advertisement and promotional expenses, coupled with increasing employee benefit costs.

Also Read: Licious forays into alternative protein sector with its plant-based meat brand, UnCrave

The Temasek-backed startup saw its total expenses balloon to Rs 1,191 crore, over 80% higher than Rs 642 crore that it spent in the preceding fiscal. Cost of goods sold, however, remained the company’s biggest cost, accounting for nearly half of the total. In FY22, the startup spent Rs 210 crore on employee-related expenses, up from Rs 119 crore in FY21 and paid Rs 170 crore on marketing, up from Rs 66 crore year-on-year. 

Also Read: Licious invests USD 1 mn in fresh pet food startup Pawfectly Made

The Bengaluru-based unicorn which delivers meat, seafood, eggs and the like, saw revenue grow 64% to Rs 683 crore from FY21’s Rs 416 crore.

Licious has been diversifying into other categories to widen its revenue sources. Last year, it entered the ready-to-eat meat category and was operational in 25 cities. Last month, it also announced its foray into the plant-based meat category. It had said about 10% of its revenue would come from the plant-based meat segment but had the potential to be bigger. Licious said it serves over two million orders every month and boasts of a repeat consumption rate of over 90%. The company has raised over $490 million from Temasek, Bertelsmann Investments, 3one4 Capital and others, and is valued at about $1.5 billion.

Get live Share Market updates and latest India News and business news on Financial Express. Download Financial Express App for latest business news.

First published on: 23-11-2022 at 03:30:00 am
Photos
8 Photos
Miss Universe 2023: USA’s R’Bonne Gabriel crowned in a glittering ceremony: See Stunning Photos
7 Photos
Nepal plane crash: Flight with 72 onboard crashes near Pokhara International Airport – Images
7 Photos
Business heads run at Mumbai Marathon, more than 50,000 people participate in event – See pictures here