Licious meat startup cuts costs, lays off 80 employees
- ByStartupStory | February 9, 2024
Licious, the meat delivery startup backed by Temasek, has implemented a cost-cutting measure by laying off approximately 3 percent of its workforce, translating to about 80 employees.
Before the restructuring, Licious employed around 650 corporate staff and 2,400 individuals in production and supply chain roles, totaling approximately 3,000 employees. The move reflects the company’s efforts to realign its operational priorities and optimize costs amidst changing growth dynamics.
Confirming the layoffs, a Licious spokesperson stated, “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.” This underscores the brand’s commitment to navigating market transitions while acknowledging the impact on its workforce.
Licious’ strategic shift comes amid modest growth in operational revenue during FY23, falling short of initial projections. Despite challenges, the company’s monthly revenue has recently surpassed Rs 75 crore, indicating signs of improvement and a projected annualized revenue run rate (ARR) exceeding Rs 900 crore for FY24.
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