Licious has announced a reduction in its workforce, resulting in the departure of 80 employees, constituting 3% of its total workforce. This decision, the company asserts, is part of an “operational reset” intended to streamline operations and sharpen its focus on expansion.
With a workforce consisting of 650 corporate employees and 2,350 individuals involved in production and supply chain operations, Licious has emphasized that impacted employees will receive compensation equivalent to two months’ salary, in addition to variable payments for the fiscal year 2024.
As the lone unicorn within its sector, Licious operates in an industry that has witnessed a gradual deceleration in growth over the past eighteen months. Despite reporting a 9% revenue increase for the fiscal year 2023, amounting to Rs 748 crore, the company fell short of its projected revenue target of Rs. 1,500 crores.
Seeking to diversify its product offerings and mitigate the seasonal fluctuations inherent in the meat industry, Licious has made strides in expanding its range of ready-to-eat products. Furthermore, the company has ventured into the plant-based meat market with its proprietary brand, UnCrave.
The decision to downsize comes amidst Licious’s ongoing efforts to adapt to shifting consumer preferences, particularly during festivals when a significant portion of the Indian population abstains from meat consumption.