Licious, backed by Temasek, preps for massive $2 billion IPO: Report
Licious, an online meat and seafood seller backed by Temasek Holdings, is preparing for an initial public offering (IPO) in 2026, according to a Bloomberg report. The company aims to achieve profitability before the listing, joining several consumer-focused firms looking to tap into India’s stock market.
Delightful Gourmet Pvt., the parent company of Licious, is expanding its physical store network and improving delivery times to compete with quick-commerce rivals. The company is also targeting profitability at the earnings before interest, tax, depreciation, and amortisation (EBITDA) level by August, said Vivek Gupta, co-founder and chief executive officer of Licious.
“We want to be an IPO-ready company in 12 months,” Gupta told Bloomberg in an interview.
The Bengaluru-based firm is eyeing a valuation of over $2 billion in its listing, the report quoted sources familiar with the matter as saying.
Licious was valued at $1.5 billion in its last funding round in 2023 and has investors such as Avendus Capital and Kotak Investment Advisors, according to data from Tracxn Technologies.
While Gupta and co-founder Abhay Hanjura did not comment on the valuation target before the IPO process begins, Licious is expected to be one of the major listings.
INDIA’S GROWING MARKET FOR MEAT AND SEAFOOD
India has a large base of meat and seafood consumers, with nearly 75% of the country’s 1.4 billion people eating fish, chicken, or other meats. Most of these products are purchased from small local shops, but Licious is betting on rising demand for quality-controlled and hygienic alternatives, driven by a growing middle class and increased smartphone usage.
The Indian fish and seafood market generates around $59 billion annually, while the meat market is valued at approximately $26 billion, according to data provider Statista.
Licious operates in 20 Indian cities and sells a range of fresh meat, fish, and seafood, along with spice mixes, spreads, and ready-to-eat products.
PLANS FOR EXPANSION AND QUICKER DELIVERIES
Licious plans to use the IPO proceeds to expand further into India’s largely unorganised meat and seafood sector. The company is also looking to acquire small offline stores to strengthen its presence, said Hanjura.
The IPO will also provide an exit opportunity for some of Licious’ investors.
Currently, Licious promises a delivery time of 90 minutes but is working towards reducing it to 30 minutes as it competes with quick-commerce platforms such as Zomato and Swiggy.
The company has already started 30-minute deliveries in Gurugram, near Delhi, and plans to extend this service to most of its markets by June, Gupta said.
