Curefoods Serves Up IPO Plans, Targets INR 800 Cr Fresh Issue in Market Debut

Curefoods India, a cloud kitchen startup based in Bengaluru and supported by Accel India, Iron Pillar, Alteria Capital Fund, and Binny Bansal, has submitted draft documents to SEBI in order to raise money through an IPO.

The IPO will include an offer-for-sale of 4.85 crore equity shares by current shareholders in addition to the new issuance of shares valued at INR 800 crore.

In the offer-for-sale, investors Iron Pillar PCC, Crimson Winter, Accel India V (Mauritius), and Chiratae Ventures India Fund IV will be selling their shares, along with those of Global eCommerce Consolidation Fund, Alteria Capital Fund, and Curefit Healthcare.

 Curefoods, controlled by Ankit Nagori, may think about raising up to INR 160 crore in a pre-IPO transaction. The fresh issue size will be lowered by the specified amount if it is successful in closing the pre-IPO placement.

With 27.80% and 17.32% interests, respectively, promoter Ankit Nagori and Flipkart co-founder Binny Bansal's 3State Ventures Pte will be the company's largest shareholders when fully diluted. This came after Accel India V (Mauritius) (7.17%), Chiratae (8.23%), and Iron Pillar (13.53%).

How Company Plans to Utilise Proceeds?

Using INR 152.5 crore of the proceeds from the new offering, the multi-brand food services company intends to expand some of its current cloud kitchens, buy machinery and equipment, and open additional restaurants, kiosks, central kitchens, and cloud kitchens under the Krispy Kreme brand.

Additionally, it will use the proceeds of the offering to pay down a debt of INR 126.9 crore. The total amount of its debt as of April 2025 was INR 239.1 crore.

The remaining funds will be used for general corporate reasons, sales and marketing campaigns, leasing payments for existing properties, investing in subsidiaries, acquiring more shares in subsidiaries, and inorganic growth through unnamed acquisitions. The IPO's legal consultants are Trilegal and Shardul Amarchand Mangaldas.

Financial Dynamics of Curefoods

In more than 70 Indian cities and towns, Curefoods India runs its food services business through 5 central kitchens, 281 cloud kitchens, 99 kiosks, 122 restaurants, and 13 warehouses.

From a loss of INR 171.9 crore in the previous fiscal year, it reported a considerably smaller loss of INR 170 crore for the year that ended in March 2025.

From INR 585.1 crore in the previous fiscal year to INR 745.8 crore in the fiscal year 2025, revenue grew by 27.5%. For the Curefoods India IPO, JM Financial, IIFL Capital Services, and Nuvama Wealth Management have been named as the book running lead managers.

Sharief Bhai Biryani, one of Curefoods' ten brands, made up 19.85% of its FY25 sales, somewhat surpassing EatFit's 19.47% share. CakeZone and the pizza joint Olio came next.