Meat brand Licious, operated by Delightful Gourmet Pvt Ltd, reported a net loss of Rs 369.8 crore in FY21 against Rs 146.3 crore in the previous financial year, according to the company's latest regulatory filings.
However, the company reported over 3X jump in total income which stood at Rs 435 crore in FY21, compared to Rs 138 crore in FY20.
Raw materials such as meat, poultry and seafood products were the largest cost centres for the company in FY21, accounting for 49.3% of the annual costs of the company.
Licious also shelled out Rs 34.5 crore on discounts in FY21, a 3.3X jump from Rs 10.4 crore in FY20, the company’s filings with the Ministry of Corporate Affairs (MCA) show.
The company's total expenses in FY21 stood at around Rs 646 crore against the previous year's total expense of approximately Rs 283 crore.
Founded by Abhay Hanjura and Vivek Gupta in 2015, Licious became India's 29th unicorn in 2021 after raising $52 million from new investor IIFL AMC's PE fund.
In October 2021, Vivek Gupta, Co-founder of Licious, told VCCircle that the brand's IPO could be two to three years away.
Gupta further added that the company’s earnings before interest, taxes, depreciation, and amortisation (EBITDA) have been under strain because it has been spending money on marketing.
Last year in November, the company announced a new employee stock ownership plan (ESOP), christened ‘Everyday Vesting, Anytime Liquidation’, starting this year. Currently, the firm has over a 3,500-member team with employees across different disciplines and functions.