Cloud kitchen operator Curefoods files DRHP with SEBI to raise Rs 800 crore via IPO

Cloud kitchen operator Curefoods has filed its draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI), aiming to raise Rs 800 crore through an initial public offering (IPO) that will also see several existing investors partially exit.

The Bengaluru-based company’s proposed IPO comprises a fresh issue of Rs 800 crore and an offer for sale (OFS) of 4.85 crore equity shares. Investors including Iron Pillar, Accel India, Chiratae Ventures, Nordstar Partners, Crimson Winter, Alteria Capital and Curefit Healthcare will dilute stakes through the OFS.

Iron Pillar will offload the largest tranche, at 1.9 crore shares, followed by Crimson Winter with 97.6 lakh shares, and Accel with 45.75 lakh shares. Other participating investors include Chiratae Ventures, set to sell 64.5 lakh shares, and Global eCommerce, offering 35.24 lakh shares.

Curefoods plans to list on both the National Stock Exchange and the Bombay Stock Exchange. JM Financial, IIFL Capital, and Nuvama Wealth Management have been appointed as the book-running lead managers for the issue.

New growth plans

Of the total fresh proceeds, Curefoods will allocate Rs 152 crore toward expansion like setting up new cloud kitchens, central kitchens, restaurants, and kiosks, most of which will support the company’s recently acquired pan-India rights for global doughnut and coffee chain Krispy Kreme. Another Rs 127 crore will go toward debt repayment, while the remainder is earmarked for increasing equity stakes in subsidiaries and general corporate purposes.

Curefoods operates more than 500 kitchens across 70 Indian cities under brands like EatFit, Sharief Bhai Biryani, CakeZone, Nomad Pizza, and Frozen Bottle.

Financials and market position

Curefoods posted operating revenue of Rs 745.7 crore in fiscal 2025, marking a 27% increase from Rs 585.1 crore the previous year. Net losses narrowed slightly to Rs 170 crore from Rs 172.6 crore in FY24. Among its ten active brands, Sharief Bhai Biryani contributed 19.85% to FY25 revenue, followed closely by EatFit at 19.47%, and followed by Olio and CakeZone.

Founded in 2020 as a spinoff from Curefit Healthcare by Ankit Nagori, formerly chief business officer at Flipkart, Curefoods has since evolved into India’s second-largest cloud kitchen operator by revenue, behind Temasek-backed Rebel Foods. Other rivals include Box8 and Freshmenu.

Nagori remains Curefoods’ largest individual shareholder with a 27.8% stake. Flipkart co-founder Binny Bansal’s fund, 3State Ventures, is the largest institutional backer with a 17.3% stake, followed by Iron Pillar (13.5%), Chiratae Ventures (8.2%), and Accel (7.2%). Curefoods raised $25 million from 3State Ventures, valuing the company at about Rs 3,100 crore.