New Delhi, Oct 17 (IANS): Online meat and seafood platform Licious has clocked losses worth Rs 294 crore in FY24, amid closure of some third-party distribution channels and a decreased focus on modern local stores.

The direct-to-consumer (D2C) brand also saw its revenue decline 9 per cent, from Rs 746 crore in FY23 to Rs 685 crore in FY24, as per its financials.

However, the company reduced losses by nearly 44 per cent from Rs 524 crore in FY23.

In FY22, the company had seen losses worth Rs 855.6 crore in FY22, according to data by market intelligence platform Tofler.

Licious saw its operating revenue remain flat to reach Rs 746.3 crore in FY23, less than half of what it had projected.

In February this year, the D2C foodtech platform laid off nearly 3 per cent of its workforce, around 80 employees, as part of a restructuring exercise.

The company said it sees significant scope in expanding the number of targeted households to further fuel the consumer transition from traditional markets to contemporary purchase formats.

The Bengaluru-based company has raised over $450 million so far. In March 2022, the foodtech platform raised $150 million, after it became the first D2C unicorn in the country.

In July 2021, Licious raised $192 million in their Series F funding Round, led by Temasek and Multiples.

The meat market in the country was expected to reach $80-85 billion this year, according to reports, and is up for disruption by branded players especially in the online space.

Since its inception in 2015, Licious has adopted 100 per cent traceable and sustainable sourcing practices. It reaches out to a large number of Indian households.