Online meat marketplace Licious' revenue rose and loss narrowed in fiscal 2023 even as the Bengaluru-based startup missed its own projections.
Delightful Gourmet Pvt., which operates the brand, posted a revenue from operations of Rs 747.7 crore in FY23, up 9.6% from the previous fiscal. However, losses narrowed to Rs 528.5 crore from Rs 855.6 crore in FY22, according to data accessed via market intelligence platform Tofler.
In November Co-Founder Vivek Gupta had told PTI that the company expected its revenue to cross Rs 1,500 crore in FY23. It, however, only reached half that target.
The company also projected Ebitda-level profitability by the end of calendar year 2023 but with an operating loss at Rs 510.6 crore, that looks unlikely.
Licious' accumulated loss has inched up to Rs 2,527.3 crore. In a statement alongside the financials, the company said it has "significantly expanded its operations and has a net current asset position of Rs 939.7 crore and adequate cash balances" as of the end of FY23.
The meat marketplace unicorn had raised $150 million, or about Rs 1,250 crore, in an extended Series F round in March 2022 before the start of FY23. Institutional investors such as Amansa Capital and Kotak PE and angels including Zerodha's Nithin Kamath and Nikhil Kamath and BoAt's Aman Gupta participated in the funding round.
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