Indian online meat and seafood retailer Licious is looking to debut on the bourses in the next 12-18 months and is targeting a valuation of $2 billion, a source familiar with the matter told Reuters on Tuesday.

As per Inc42 data, 23 startups were in various stages of undertaking their IPO preparations at the start of 2025.

While there will always be an appetite for strong, growth-oriented companies, startups may have to pivot from growth at any cost to profitable growth as Trump’s tariffs continue to roil markets, investment bankers said.

Temasek Holdings-backed online meat and seafood retailer Licious is planning to go public in 2026. It is targeting a valuation of over $2 billion for its listing. The company is currently working on strategies to become profitable ahead of its IPO.

Licious, a Temasek Holdings Pte-backed online seller of meat and seafood in India, is seeking to become profitable as it prepares to list in 2026, adding to a slew of consumer-facing firms eyeing the country’s public markets.

Licious, backed by Temasek Holdings Pte, aims to become profitable by 2026 as it gears up for a potential IPO valuing over $2 billion. The firm is expanding into brick-and-mortar stores, enhancing delivery speed,