IPO-Bound Curefoods raises Rs 160 Cr from 3State Ventures

Bengaluru-based cloud kitchen company Curefoods has raised Rs 160 Cr (around $18 Mn) in pre-IPO placement from flipkart cofounder Binny Bansal’s 3State Ventures. 

The IPO-bound company said its board and shareholders recently approved the allotment of 1.28 crore equity shares at ₹124 per share to 3State Ventures.

Before this round, 3State Ventures held a 17.3% stake in Curefoods, making it the second-largest shareholder after founder Ankit Nagori.

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Founded in 2020 by Ankit Nagori, Curefoods operates brands like EatFit, Cake Zone, Nomad Pizza, Frozen Bottle, and Sharief Bhai Biryani. Its revenue mainly comes from food sales, supported by kiosks and physical restaurants.

In June, Curefoods filed its DRHP for an IPO, including a fresh issue of up to ₹800 Cr ($304 Mn) and an OFS of up to 4.85 Cr shares by existing investors like Iron Pillar PCC, Crimson Winter, Accel India V (Mauritius), and Chiratae Ventures. 

The company also said it may raise a pre-IPO round, which would reduce the fresh issue size if it happens.

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Curefoods posted ₹746 crore in revenue from operations in FY25,up from ₹382 crore in FY23. Its network grew from 277 locations in March 2023 to 502 in March 2025 and it also launched international operations in the UAE last year.

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