Curefoods India: A Step Closer to IPO with Rs 160 Crore Pre-IPO Placement
Ahead of its planned IPO, Curefoods India has successfully raised Rs 160 crore in a pre-IPO placement from 3State Ventures, led by Flipkart co-founder Binny Bansal. This strategic move highlights the growing interest in the food tech sector, particularly in the realm of cloud kitchens, restaurants, kiosks, and central kitchens that Curefoods operates across India.
Curefoods IPO: Pre-IPO Placement Details
Curefoods has allotted 1.28 crore equity shares at a price of Rs 124 per share to 3State Ventures. This placement was approved by the company’s board on September 10, 2025, and subsequently ratified by shareholders on September 15. The shares acquired through this placement will be included in the size of the upcoming IPO, adhering to regulatory norms. This funding not only strengthens Curefoods’ financial position but also sets a positive tone for its impending public offering.
Curefoods IPO: Binny Bansal Connection
Binny Bansal’s involvement with Curefoods is not new; he has been an existing investor through 3State Ventures. The partnership is rooted in the professional history between Bansal and Curefoods’ founder, Ankit Nagori, who previously worked alongside Bansal at Flipkart. This connection adds a layer of credibility and strategic insight to Curefoods as it prepares for its IPO.
Curefoods IPO: Upcoming IPO Details
Curefoods filed its draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) in June 2025, aiming to raise up to Rs 800 crore through its IPO. The offering will consist of a fresh issue and an offer-for-sale (OFS) component from existing investors, including notable private equity firms like Chiratae Ventures and Accel India. The funds raised will be allocated towards expanding cloud kitchens, kiosks, and restaurants, repaying borrowings, and investing in its subsidiary, Fan Hospitality. The remaining funds will be utilized for working capital and corporate purposes.
Curefoods IPO: Reach and Scale
As of March 31, 2025, Curefoods operates across 502 service locations in over 70 cities and towns. Its infrastructure includes five central kitchens, 281 cloud kitchens, 99 kiosks, 122 restaurants, and 13 warehouses. The company’s proprietary ordering system integrates seamlessly with major delivery platforms such as Swiggy and Zomato, enhancing its operational efficiency and customer reach.
Curefoods IPO: Growth and Revenue of the Company
Curefoods has demonstrated impressive financial growth, with revenue soaring from Rs 3,820.42 million in FY23 to Rs 7,457.96 million in FY25, achieving a compound annual growth rate (CAGR) of nearly 40%. Order volumes also saw a significant increase, rising from 11.38 million in FY23 to 18.23 million in FY25. Notably, the company’s ten key brands contributed over 98% of its total revenue in FY25, showcasing a strong brand portfolio.
Curefoods IPO: Market Positioning
Curefoods stands out as one of the largest cloud kitchen operators in India, ranking among the top two in terms of service locations. It is recognized as one of the fastest-growing food services companies based on revenue from operations. The company has also made strides in international markets, launching its brand Sharief Bhai in the UAE in 2024, further solidifying its market presence.
Curefoods IPO: About the Company
Founded by Ankit Nagori, Curefoods operates a diverse range of food brands, including EatFit, Nomad Pizza, CakeZone, Frozen Bottle, and Sharief Bhai, and has a partnership with Krispy Kreme in India. The company’s unique business model combines cloud kitchens, restaurants, kiosks, and central kitchens to offer a wide variety of cuisines and meals across different price points, catering to a broad customer base.
As Curefoods prepares for its IPO, the recent funding from Binny Bansal’s 3State Ventures not only boosts its financial standing but also reflects the growing investor confidence in the food tech sector. With a robust operational framework and a clear growth strategy, Curefoods is poised to make a significant impact in the market, attracting both investors and consumers alike.