Temasek-backed Indian meat and seafood delivery startup Licious is targeting to go public next year aiming for a valuation of over $2 billion, Bloomberg reported on Tuesday.
Delightful Gourmet, which runs Licious, also aims to become EBITDA-positive by August this year ahead of the planned listing. “We want to be an IPO-ready company in 12 months,” said CEO and co-founder Vivek Gupta to Bloomberg.
The Bengaluru-headquartered company also plans to replicate the success of quick commerce giants Zomato and Swiggy by opening more brick-and-mortar stores and speeding up the delivery process.
The company plans to use the IPO proceeds to buy smaller meat stores and grow its footprint in the country’s largely unorganised meat and fish market.
It also plans to own 50 stores by March next year, up from three currently, to cater to more traditional meat-eaters who might prefer picking their own cuts. Last year, it bought Bengaluru-based retailer My Chicken and More, which operates 24 outlets in South India.
The meat seller has plans to grow its offerings by adding more ready-to-cook marinated items and launching new products like momos.
Founded in 2015 by Abhay Hanjura and Vivek Gupta, Licious offers a wide range of meat products that include chicken, mutton, and seafood like fish, prawns and crabs, besides eggs, plant-based meat, crispy snacks and ready-to-cook food.
The startup currently caters to 18 major cities across the country including Kolkata, Delhi NCR, Chennai, Mumbai, Bengaluru, Hyderabad, Chandigarh, Panchkula, Mohali, Pune, Coimbatore, Jaipur, Kochi, Visakhapatnam, Vijayawada, Lucknow, Kanpur and Nagpur.
India’s meat and seafood industry is growing at a rapid pace and is expected to grow further, boosted by rising consumption, technological advancements, and expanding global trade prospects.
The country’s meat market was valued at $55.3 billion in 2024 and is estimated to reach $114.4 billion by 2033, growing at a CAGR of 8.50%, while the seafood market size is projected to grow at a CAGR of 7.90% during the period, according to IMARC group.
The fish & seafood market is estimated to generate revenue of $58.98 billion in 2025 and is expected to grow at a CAGR of 5.96% between 2025 and 2030.
Licious’s plans come at a time when India is witnessing a busy IPO market. Nearly $20 billion was raised from local listings in 2024—the second highest in the world after the US.
