Bengaluru, India: Cloud kitchen operator Curefoods has secured Rs 160 crore ($18 million) in a pre-IPO placement from 3State Ventures, the investment arm of Flipkart co-founder Binny Bansal. The company allotted 1.28 crore equity shares at Rs 124 per share to 3State Ventures, signaling strong investor confidence ahead of its public listing.
IPO Plans and DRHP Filing
Curefoods filed its draft red herring prospectus (DRHP) in June, aiming to raise Rs 800 crore through a combination of a fresh issue and an offer-for-sale (OFS) of 4.08 crore shares by early investors, including Iron Pillar, Chiratae Ventures, Crimson Winter, Accel, and Curefit Healthcare. Founder and CEO Ankit Nagori will not participate in the OFS, focusing instead on the company’s long-term growth strategy.
The proceeds from the IPO are intended to:
- Expand cloud kitchens, restaurants, kiosks, and central kitchens
- Repay existing debt
- Invest in subsidiary Fan Hospitality
- Cover working capital and general corporate expenses
Book-running lead managers for the issue include JM Financial, IIFL Capital, and Nuvama Wealth Management.
Curefoods: Multi-Brand Cloud Kitchen Leader
Curefoods operates a multi-brand cloud kitchen model across diverse categories, including Indian meals, pizza, desserts, and health-focused food. Its portfolio of brands includes:
- EatFit – healthy meal options
- CakeZone – desserts and cakes
- Nomad Pizza – pizza and fast food
- Frozen Bottle – shakes and beverages
- Sharief Bhai – Indian cuisine, also launched in UAE
- Krispy Kreme – international donuts
The company has scaled rapidly, with over 500 service locations across 70+ cities, including an international expansion in the UAE with Sharief Bhai.
Financial Performance
Curefoods closed FY25 with revenue of Rs 745.8 crore, up from Rs 585.1 crore in FY24, while losses narrowed slightly to Rs 170 crore from Rs 172.6 crore. The pre-IPO funding from 3State Ventures is expected to reduce the size of the fresh issue in Curefoods’ upcoming IPO, strengthening its balance sheet and enhancing investor confidence.
“Securing funding from 3State Ventures validates our growth story and demonstrates investor trust as we prepare for our public listing,” said Ankit Nagori, Founder and CEO of Curefoods.
Strategic Backing from Binny Bansal
Binny Bansal, through 3State Ventures, has been a key investor in Curefoods, supporting its rapid expansion and brand diversification. The startup has successfully leveraged this backing to scale operations, enhance technology, and enter new markets, both domestically and internationally.
What’s Next for Curefoods
The pre-IPO investment positions Curefoods for a strong debut in the stock market, while enabling further expansion of its cloud kitchen network and brand portfolio growth. With its diverse multi-brand strategy, the company is well-placed to capitalize on the growing foodtech and cloud kitchen market in India.
Curefoods’ approach combines technology-driven operations with consumer-focused brands, creating a scalable and profitable model that appeals to both investors and customers.
