Omnichannel meat brand Licious has laid off 80 staff, accounting for 3% of its workforce, as part of what it called an “operational restructuring” to sharpen its focus on growth.
The Bengaluru-based company put the total number of employees on its payroll at around 3,000 in 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 and profitability without burning through money 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 crores.
The meat retailer has offered two months of compensation, along with a variable payment for FY24, to the laid-off employees.
The unicorn startup also said it will unveil a revamped market expansion plan in the coming weeks.
“With significant investments in the brand, deeper back-end integration and 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 reprioritizing our cost expenses, taking into account the new growth levers. In doing so, it is unfortunate that we have to part with some employees who have been part of our journey,” said the company.
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Published: 09.02.2024, 15:41 IST