Curefoods Files for IPO to Raise Rs 800 Crore

Cloud kitchen startup Curefoods has filed its Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI), taking a major step toward going public. The proposed initial public offering (IPO) will comprise a fresh issue of shares worth Rs 800 crore and an Offer for Sale (OFS) of 4.85 crore equity shares, the company announced in its filing.

As part of the OFS, several key investors are looking to offload their holdings. Iron Pillar plans to sell 1.9 crore shares, followed by Crimson Winter with 97.6 lakh shares, and Accel India, which is offering 45.75 lakh shares. Additionally, Chiratae Ventures and Global eCommerce will divest 64.5 lakh and 35.24 lakh shares, respectively.

The DRHP reveals that 3 State Ventures, the investment arm of flipkart co-founder Binny Bansal, is the largest external shareholder in Curefoods with a 17.32% stake. Other significant stakeholders include Iron Pillar (13.53%), Chiratae Ventures (8.23%), Accel India (7.17%), and Crimson Winter (4.08%). Co-founder and CEO Ankit Nagori remains the largest individual shareholder, holding 27.8% of the company.

Founded in Bengaluru, Curefoods operates several well-known cloud kitchen brands including Eatfit, CakeZone, Millet Express, Frozen Bottle, Olio, Nomad, Rolls on Wheels, Sharif Bhai, Krispy Kreme, and Ovenfresh. The company recently acquired pan-India rights for Krispy Kreme, strengthening its position in the premium desserts segment.

According to startup analytics platform TheKredible, Curefoods has raised $125 million from its backers across multiple funding rounds. The company now aims to list its shares on both the National Stock Exchange (NSE) and the Bombay Stock Exchange (BSE).

The book-running lead managers for the IPO are JM Financial, IIFL Capital, Nuvama, and KFintech. Proceeds from the fresh issue will be used to expand cloud kitchens, repay debts, meet lease obligations, support marketing activities, and address general corporate expenses.

Financially, Curefoods reported FY25 revenue of Rs 745.7 crore, reflecting a 27% year-on-year growth from Rs 585.1 crore in FY24. The company also narrowed its losses slightly to Rs 170 crore in FY24, compared to Rs 172.6 crore in FY23.

With the IPO, Curefoods joins a growing list of Indian startups seeking public capital amid improving market sentiment. However, while the firm’s revenue is rising, its ability to achieve sustained profitability remains a key question. Investors and analysts will be closely watching how the market reacts to another high-growth, high-burn foodtech player entering the public arena.

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