In a major step toward going public, Bengaluru-based cloud kitchen startup Curefoods India has filed its Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI). Backed by marquee investors such as Accel India, Iron Pillar, Chiratae Ventures, and Flipkart co-founder Binny Bansal, the company aims to raise capital to fuel growth and consolidate its leadership in India’s fast-evolving food services industry.
In this article, we will look into Curefoods India’s IPO plans, its financial performance, strategic use of funds, and how it’s positioning itself in the competitive food services landscape.
Credits: Startuptalky
IPO Structure: Fresh Issue + Offer for Sale
The proposed Initial Public Offering (IPO) comprises two parts:
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A fresh issue of shares worth INR 800 crore, and
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An offer-for-sale (OFS) of 4.85 crore equity shares by existing investors.
Among those looking to partially exit are Iron Pillar PCC, Crimson Winter, Accel India V (Mauritius), Chiratae Ventures, Global eCommerce Consolidation Fund, Alteria Capital Fund, and Curefit Healthcare. This mixed structure of fundraising and investor exits highlights Curefoods’ dual goals: growth capital infusion and shareholder liquidity.
Additionally, the company may explore a pre-IPO placement worth up to INR 160 crore. If successful, the amount raised through the fresh issue will be adjusted accordingly.
Promoter Stake and Shareholding Snapshot
Ankit Nagori, the founder and CEO, remains at the helm with a 27.8% stake, while 3State Ventures, backed by Binny Bansal, holds 17.32%. Other key shareholders in the fully diluted structure include Iron Pillar (13.53%), Chiratae Ventures (8.23%), and Accel India (7.17%).
This robust backing by experienced venture capitalists underscores Curefoods’ investor confidence and industry positioning.
Fund Utilization: Expansion, Debt Reduction & Growth
The company has laid out a clear blueprint for how it plans to utilize the IPO proceeds:
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INR 152.5 crore will go toward expanding and upgrading existing cloud kitchens, setting up new restaurants, kiosks, central kitchens, and furthering operations under its Krispy Kreme franchise.
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INR 126.9 crore will be allocated for debt repayment, significantly reducing the company’s outstanding liabilities, which stood at INR 239.1 crore as of April 2025.
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The remainder will be used for general corporate purposes, including marketing and sales campaigns, leasing properties, subsidiary investments, and potential acquisitions to support inorganic growth.
This diversified allocation signals the company’s intent to scale responsibly while also balancing financial stability.
Operational Scale: A Nationwide Cloud Kitchen Giant
Curefoods has emerged as one of India’s leading multi-brand food services platforms. Operating across 70+ cities, its infrastructure includes:
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5 central kitchens
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281 cloud kitchens
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122 restaurants
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99 kiosks
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13 warehouses
This expansive footprint supports multiple brands under its umbrella, offering scale, efficiency, and hyperlocal reach—key advantages in the competitive food delivery ecosystem.
Financials: Revenue Up, Losses Narrow
Curefoods has shown encouraging financial progress. For the year ending March 2025:
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Revenue rose from INR 585.1 crore in FY24 to INR 745.8 crore, a 27.5% growth.
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Losses narrowed marginally to INR 170 crore, down from INR 171.9 crore in FY24.
While the company is yet to break even, the improved topline and controlled burn rate point to a more disciplined path toward profitability.
Brand Portfolio: Sharief Bhai and EatFit Lead the Pack
Curefoods operates a multi-brand portfolio that caters to diverse Indian taste palettes. Among its ten brands, Sharief Bhai Biryani led the FY25 revenue share at 19.85%, narrowly edging out EatFit (19.47%). CakeZone and Olio (a pizza brand) followed, reflecting the company’s strategy of owning multiple cuisine verticals.
A Promising Public Debut on the Horizon
With JM Financial, IIFL Capital Services, and Nuvama Wealth Management managing the IPO, and legal oversight from Trilegal and Shardul Amarchand Mangaldas, Curefoods is gearing up for a well-supported entry into the public market.
As the Indian foodtech and cloud kitchen sector continues to sizzle, Curefoods’ IPO could mark a defining moment for investors seeking exposure to the high-growth food services industry.
