Omnichannel meat brand Licious has laid off 80 employees, accounting for 3% of its workforce, as part of what it called an “an operational reset” to sharpen its focus on growth.
The Bengaluru-based company pegged the total number of employees on its payroll at around 3,000 as of January.
Licious, in a statement on Friday, said it has more than ₹800 crore in cash from previous fundraising rounds. It added that its online business was operating-margin positive and on track to achieve Ebitda profitability by the end of FY25.
Several startups have had to resort to layoffs with funding drying up over the past year, forcing them to focus on business growth as well as profitability without burning through cash raised from investors.
The company’s revenue increased from ₹682.5 crore in FY22 to ₹748 crore in FY23 while its losses widened from ₹485 crore to ₹500 crore.
The meat retailer has offered two months of compensation, along with variable payout for FY24, to the laid-off employees.
The unicorn startup also said it will unveil a renewed market expansion plan in the coming weeks.
“With significant investments in the brand, deeper backward integration and an active pursuit of automation in the supply chain, Licious will focus on expanding the market potential and reach in the next financial year,” Licious said in the statement.
“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,” the company said.
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Published: 09 Feb 2024, 03:41 PM IST