Curefoods Starts Discussions With Bankers About a $300–400 Million IPO
According to a media source, Curefoods, a food and beverage startup founded by Ankit Nagori, a former senior Flipkart executive, has started talking about hiring legal firms and investment banks for its initial public offering (IPO). According to various media outlets, the firm recently met with a number of bankers and solicitors for an IPO mandate, and the counsel will probably be decided upon in the coming weeks. The potential offer, which is anticipated to be made public in the later half of the current fiscal year, which starts on April 1, may raise $300–400 million for the Accel-backed business. They stated that the amount of secondary share sales by current investors will ultimately determine the final size of the initial public offering (IPO). Among others, Accel, Iron Pillar, Chiratae Ventures, Sixteenth Street Capital, Three State Ventures, and Nordstar have invested in the company.
Curefoods Expanding its Network
Along with adding Frozen Bottle and other brands to its portfolio, which already includes EatFit, Cakezone, Nomad Pizza, and Sharief Bhai Biryani, Curefoods has been growing its business. It serves more than ten different cuisines in 40 Indian cities through more than 500 cloud kitchens and physical locations. The firm stated on December 31 that it has reached a deal with the Landmark Group to buy the popular doughnut brand Krispy Kreme's businesses in west and south India.
In an interview with a media house on December 31, Nagori stated that although the agreement permits Curefoods to manage and operate Krispy Kreme in the south and west, Curefoods is also in talks to extend operations to the north and east in the upcoming months. Over the next five years, Krispy Kreme, a division of Curefoods, intends to open more than 350 more points of access in addition to its current 50 touchpoints.
Financial Outlook of Curefoods
According to the company's filings with the Registrar of Companies, its consolidated revenue increased by 53% to INR 585 crore in FY24 from the previous fiscal year. According to media estimates, Curefoods anticipates ending FY25 with an annual revenue run-rate of about INR 1,000 crore. According to data, the startup's consolidated loss decreased from INR 342.7 crore to INR 172.6 crore in FY24.
Statup Sector’s Race For IPO
Due to a robust IPO market and a resurgence of investor interest in tech equities, a number of technology businesses intend to go public in 2025. Lenskart, an eyeglasses startup, has contacted investment banks to present for the mandate for its possible initial public offering (IPO), which may raise $1 billion. Groww, a stock broker, had selected five investment banks for a $1 billion initial public offering.
In the near future, startups like SoftBank-backed OfBusiness, contract maker Zetwek, and financial unicorn Pine Labs hope to raise $1 billion through initial public offerings (IPOs). Up to 25 firms hope to debut on the public market in 2025. This comprises companies that aim for $500 million initial public offerings (IPOs), such as edtech company PhysicsWallah, AI unicorn Fractal, construction materials portal Infra.market, and leader in rapid commerce Zepto.
Nitin Konde
