Licious Plans 2026 IPO, Targets Profitability Amid Expansion
Bengaluru-based online meat and seafood retailer Licious, backed by Temasek Holdings, is gearing up for a public listing in 2026 with a target valuation of over $2 billion. The company, operated by Delightful Gourmet Pvt., is focusing on profitability at the EBITDA level by August 2025 as it expands its quick-commerce capabilities and brick-and-mortar presence. Licious, which was last valued at $1.5 billion in 2023, aims to become IPO-ready within the next 12 months, according to co-founder and CEO Vivek Gupta.
To strengthen its market position, Licious is accelerating deliveries and growing its offline footprint, with plans to open 50 stores by March 2026 from just three currently. The company, present in 20 cities, has already begun 30-minute deliveries in Gurugram and will expand the service nationwide by June. It also continues to diversify its product offerings, adding ready-to-cook marinated items and popular Indian snacks like momos to cater to evolving consumer demand.
As it prepares for its IPO, Licious is betting on India’s rapidly growing demand for online meat purchases, despite a broader consumption slowdown. With an estimated $59 billion fish and seafood market and a $26 billion meat industry, the firm plans to use IPO proceeds to expand further and acquire smaller offline retailers. Competing with quick-commerce players like Zomato, Swiggy, and Zepto, Licious remains focused on strengthening its brand visibility through its retail stores and rapid delivery services.
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