In a move that could see nearly hundred of their employees lose their paycheck, Licious, has asked 3 per cent of its employees to leave the company. This decision affects as many as 80 of their workers.
This move by the Bengaluru-based meat-delivery entity, is seen as a cost-cutting mechanism to stabilize the company and 'reprioritize its outlays'.
Licious, a company started by Abhay Hanjura and Vivek Gupta in 2015 is backed by Singapore-based investor company Temasek.
The Sluggish Prospects of Licious
Despite a promising start, the company revenue which was at Rs 706 crore in FY22, dropped to Rs 700 crore in FY23, much below, almost half of its own projection of Rs 1,500 crore. With the beginning of the new year, little appears to have changed in their prospects in the immediate sense, as the trajectory is on the path in FY24. In 2022, the company co-founder Abhay Hanjura pointed towards India's 'cultural hypocrisy', while addressing issues concerning the growth of the company.
The company has many high-profile investors, including Temasek, a Singapore-based investment company. Temasek has investment in many other big names of various sectors, including Visa, Blackrock, Alibaba and Tencent.
