Licious lays off 3% of its workforce amid restructuring exercise
The company said in a statement on Friday that it sees significant scope in expanding the number of targeted households to further fuel the consumer transition from traditional markets to contemporary purchase formats.
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NEW DELHI: Direct-to-consumer (D2C) foodtech platform Licious is laying off nearly 3 per cent of its workforce, around 80 employees, as part of a restructuring exercise.
The company said in a statement on Friday that it sees significant scope in expanding the number of targeted households to further fuel the consumer transition from traditional markets to contemporary purchase formats.
"We are reprioritising our cost outlays, considering the new growth levers. In doing this, it is unfortunate that we have to separate with some employees who have been a part of our journey," a company spokesperson said.
Licious saw its operating revenue remain flat to reach Rs 746.3 crore in FY23, less than half of what it had projected.
Even as the company’s revenues remained flat, its losses in FY23 narrowed to Rs 528.5 crore, down around 38 per cent from Rs 855.6 crore in FY22, according to data accessed via market intelligence platform Tofler.
Licious' total expenses were Rs 1,304.8 crore -- an increase of 10 per cent from Rs 1,187 crore in FY22, according to reports.
The foodtech platform is hopeful of closing the current fiscal year with a revenue run rate of Rs 1,200 crore. In March 2022, it raised $150 million, after it became the first D2C unicorn in the country.