Cloud kitchen operator Curefoods has filed its draft red herring prospectus (DRHP) to raise Rs 800 crore through an initial public offering (IPO).
The issue will also include an offer for sale (OFS) of 48.5 million shares, through which investors including Accel, Chiratae Ventures, Nordstar Partners, Iron Pillar, Alteria Capital, and Curefit Healthcare will partially offload their stakes, the Bengaluru-based company said in its filing to markets regulator Sebi.
Curefoods runs over 500 kitchens in 70 cities, with brands like Eat Fit, Nomad Pizza, Sharief Bhai Biryani, CakeZone and Frozen Bottle. It recently acquired pan-India rights for doughnut and coffee brand Krispy Kreme.
Of the total fresh capital being raised, the company said it will utilise Rs 152 crore towards new cloud kitchens, restaurants, kiosks and central kitchens. The bulk of this amount will be deployed towards the Krispy Kreme brand. About another Rs 127 crore will be used to repay certain debt, while a part of the remainder will be invested in various subsidiaries to increase its shareholding.
In March 2024, Curefoods had raised $25 million from 3State Ventures as a part of a larger round that valued the company at $375 million (around Rs 3,100-3,200 crore).
The company has joined a long list of new-age companies that have filed to go public. These include Groww, Pine Labs, PhysicsWallah, Shiprocket, Urban Company, Boat, Capillary Technologies and Wakefit. Last week, the benchmark stock indices in India rose to their highest levels for 2025.
However, Curefoods’ IPO filings come at a time when aggregators such as Zomato and Swiggy have flagged a broader sluggishness in growth in the food delivery industry, which has grown at a rate of sub-20% for the last two quarters.
Started as a part of Curefit Healthcare, founded by Mukesh Bansal and Ankit Nagori, Curefoods was carved out as a separate food-focused entity in 2020 with Nagori taking a majority stake in the cloud kitchen firm.
Presently, CEO Nagori holds a 30.3% stake in Curefoods, while Curefit holds just under 3%.
Flipkart founder Binny Bansal’s 3State Ventures is the largest institutional shareholder with a 18.9% share, followed by Iron Pillar, which holds 12.9% through various investment vehicles.
In the OFS portion of the IPO, Iron Pillar is selling the highest number of shares at 18.9 million shares.
Curefoods is the second largest cloud kitchen firm in the country in revenue, topped only by Temasek-backed Rebel Foods, which operates brands such as Faasos and Behrouz Biryani. Its competitors include Box8 and Freshmenu.
It reported operating revenue of Rs 746 crore for fiscal 2025, a 27% growth from FY24. Its losses narrowed marginally to Rs 170 crore from Rs 172 crore.
Among the ten brands that Curefoods operates, Sharief Bhai Biryani contributed 19.85% to its revenues in FY25, slightly outdoing EatFit at 19.47%. They were followed by pizza outlet Olio and CakeZone.
