Cloud Kitchen Giant Curefoods Files DRHP. Photo Credit: entrackr.com
Curefoods India, the Binny Bansal-backed cloud kitchen startup, has officially filed its Draft Red Herring Prospectus (DRHP) to raise ₹800 crore through a fresh issue in its initial public offering (IPO). Alongside this, the Bengaluru-based startup has also proposed an offer-for-sale (OFS) of approximately 4.85 crore equity shares from existing shareholders, marking a significant step as it prepares to tap the capital markets.
According to Money Control ,the IPO proceeds are set to be strategically deployed across multiple growth areas. About ₹152 crore is expected to be allocated towards expanding Curefoods’ infrastructure, including new cloud kitchens, kiosks, restaurants, and central kitchens. A significant portion will also go into its recent acquisition of Krispy Kreme’s operations in India. Another ₹127 crore is planned for debt repayment, while the remaining funds will be used for working capital and investment into its subsidiaries.
Founded in 2020 by Ankit Nagori, former co-founder of Curefit, Curefoods has quickly become a household name in the cloud kitchen segment. It operates a robust network of over 500 kitchens across 70 cities, offering multi-brand culinary services under banners such as Eat Fit, Nomad Pizza, Sharief Bhai Biryani, CakeZone, Frozen Bottle, and the India franchise of Krispy Kreme.
The company’s aggressive expansion and acquisition strategy has translated into solid financial performance. Curefoods reported a revenue of ₹746 crore for FY25, reflecting a year-on-year growth of 27%. Importantly, it also managed to trim losses to ₹170 crore, underscoring its push toward profitability.
The IPO filing reveals that Binny Bansal, the Flipkart co-founder, holds an 18.9% stake in Curefoods through his fund 3State Ventures. Other prominent investors such as Accel, Iron Pillar, Chiratae Ventures, Nordstar, and Curefit Healthcare are also expected to participate in the offer-for-sale, unlocking value through partial exits.
Curefoods is now regarded as India’s second-largest cloud kitchen operator by revenue, trailing only Rebel Foods, which is backed by Temasek. Its primary competition includes names like Faasos, Behrouz Biryani, Box8, and Freshmenu. With the IPO funds, Curefoods aims to consolidate its market position and boost its offline presence, especially through the expansion of Krispy Kreme outlets and high-performing regional brands.
The IPO also reflects a broader trend in the Indian food-tech sector. As delivery growth stabilizes and private funding becomes cautious, players like Curefoods are looking at public markets to fuel their next phase of growth. The move comes at a time when consumer behavior is shifting post-pandemic, with more Indians seeking consistent, hygienic, and branded food options, giving cloud kitchens a strong growth runway.
Book-running lead managers for the issue include JM Financial, IIFL Securities, and Nuvama Wealth Management. The IPO is expected to be listed on the BSE and NSE, subject to SEBI approvals and favorable market conditions.
Curefoods’ IPO not only validates investor confidence in the cloud kitchen model but also signifies the maturing of India’s food-tech ecosystem. With a blend of capital efficiency, brand diversity, and aggressive market capture, Curefoods is aiming to cook up a successful listing on the Indian bourses.
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