New Delhi, Sep 29 (IANS): Direct-to-consumer (D2C) foodtech platform Licious saw its operating revenue remain flat to reach Rs 746.3 crore in FY23, less than half of what it had projected.

Even as the company’s revenues remained flat, its losses in FY23 narrowed to Rs 528.5 crore, still down around 38 per cent from Rs 855.6 crore in FY22, according to data accessed via market intelligence platform Tofler.

Licious’ total expenses were Rs 1,304.8 crore -- an increase of 10 per cent from Rs 1,187 crore in FY22, according to reports.

Last week, the foodtech platform said it has implemented measures for better business efficiency and is hopeful of closing FY24 with a revenue run rate of Rs 1,200 crore.

Licious said in a statement that earlier this year, it turned operating margin profitable with "minimal cash burn at 8 per cent operating profit margin and 30 per cent product gross margin".

To achieve these impactful business results, "given the current context of larger macro-economic factors and without downsizing on people or costs, is a remarkable achievement that we take pride in", said the company.

The meat delivery platform said the brand continues to invest in technology for enhancing consumer experience, supply chain excellence, product innovation, honing the right talent and vendor partner upgrades, "with a strong focus on growing sustainably and responsibly".

"We have been achieving 50 per cent growth year on year, and are confident of sustaining the present growth momentum," it said.

In March last year, the foodtech platform raised $150 million, after it became the first D2C unicorn in the country. The funding round was led by Singapore-based Amansa Capital, along with Kotak PE & Axis Growth Avenues AIF-I. Existing investors also participated in the round.