Flipkart co-founder Binny Bansal’s 3State Ventures invests Rs 160 crore in Curefoods ahead of IPO

Bengaluru-based cloud kitchen operator Curefoods has raised Rs 160 crore ($19 million) in a pre-IPO placement from 3State Ventures, the investment arm of Flipkart co-founder Binny Bansal.

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The company has allotted 1.28 crore equity shares at Rs 124 per share to the Singapore-based investment firm, according to its filing.

The placement, approved by Curefoods’ board on September 10 and by shareholders on September 15, will be adjusted against the size of the fresh issue in its forthcoming initial public offering.

Curefoods had filed its draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) in June, seeking to raise Rs 800 crore through a fresh issue, alongside an offer for sale (OFS) of 4.85 crore shares by early investors, including Iron Pillar, Chiratae Ventures, Crimson Winter, Accel, and Curefit Healthcare. Founder and chief executive Ankit Nagori will not participate in the OFS.

As outlined in its DRHP, the company plans to deploy the fresh issue proceeds to expand its network of cloud kitchens, restaurants, kiosks, and central kitchens, prepay or repay borrowings, invest in subsidiary Fan Hospitality, and fund working capital and general corporate needs. JM Financial, IIFL Capital, and Nuvama Wealth Management are acting as book-running lead managers.

Curefoods, founded by Nagori in 2020, operates a multi-brand portfolio spanning categories such as Indian meals, pizza, desserts, and health-focused food. Its brands include EatFit, CakeZone, Nomad Pizza, Frozen Bottle, Sharief Bhai, and Krispy Kreme through a tie-up in India. The company has scaled to more than 500 service locations across 70 cities, and last year expanded overseas by launching Sharief Bhai in the UAE.

For FY25, Curefoods reported revenue of Rs 745.8 crore, up from Rs 585.1 crore in FY24. Losses narrowed slightly to Rs 170 crore from Rs 172.6 crore in the previous year.