Food and beverages startup Curefoods, founded by Ankit Nagori, a former senior Flipkart executive, is gearing up for its initial public offering (IPO). The company has initiated discussions with investment banks and law firms to finalize advisers for the IPO, according to sources close to the matter. Curefoods IPO is expected to hit the markets in the latter part of the new financial year, beginning 01 April 2025.
Curefoods IPO – Details and Funding Ambitions
In order to obtain the IPO mandate, the company is holding meetings with prospective bankers and legal experts. However, the final size of the IPO will depend on the extent of secondary share sales by existing investors. Curefoods hopes to raise between USD 300 – 400 million (~INR 3,455 crore). Accel, Iron Pillar, Chiratae Ventures, Sixteenth Street Capital, Three State Ventures, and Nordstar are among the investors in the startup.
Growth and Brand Expansion
Curefoods is aggressively expanding. Not only has Curefoods acquired Frozen Bottle, but it’s also expanded its brand lineup which includes EatFit, CakeZone, Nomad Pizza, and Sharief Bhai Biryani. With over 500 cloud kitchens and physical stores, Curefoods serves more than 10 cuisines across 40 Indian cities.
In another strategic move, the company inked a deal with Landmark Group to take over Krispy Kreme operations in south and west India. Ankit Nagori has plans to push Krispy Kreme further into northern and eastern India. Currently, Krispy Kreme under Curefoods has over 50 outlets, with ambitions to grow to over 350 more in the next five years.
Leadership Changes
Gokul Kandhi has stepped up as the new Chief Operating Officer (COO) at Curefoods. Since joining in 2017, Kandhi has played a critical role in the company’s growth. With an 18-year background in retail, FMCG, and startups, Kandhi’s resume is impressive, having worked with giants like Apple, PepsiCo, and Wipro.
Kandhi shared his enthusiasm, stating, “It’s a privilege to steer Curefoods into its next growth chapter as COO, leading a team that’s been pioneering in India’s food and beverage sector.”
Financial Health
Financially, Curefoods seems to be on an upward trajectory. In FY24, the company’s revenue jumped by 53% to INR 585 crore from the year before. Losses have also been trimmed down to INR 172.6 crore from INR 342.7 crore in FY23. Curefoods is eyeing an annual revenue run rate of INR 1,000 crore for FY25.
The IPO Scene in 2025
2025 looks promising for tech IPOs in India, with a resurgence in investor interest fueling this trend. Companies like Lenskart and Groww are preparing for significant IPOs, alongside others like Zetwerk, OfBusiness, Pine Labs, Zepto, Infra.Market, Fractal, and PhysicsWallah, all aiming to raise substantial capital.
In 2024, the Indian primary market experienced notable activity, featuring 90 IPOs. Of these, 71 IPOs delivered positive returns. Despite this success, some challenges emerged, with 19 IPOs yielding negative returns. The average listing return for IPOs stood at an impressive 30.12%. These figures underscore the market’s potential for substantial gains and opportunities.
Conclusion
Curefoods’ IPO journey is a critical step, leveraging its rapid growth and market footprint. With a diverse brand portfolio, strong leadership, and robust financials, the company is set to make waves in the Indian IPO arena. As Curefoods finalizes its advisory team and readies for its market entry, the focus will be on how this venture capitalizes on this opportunity to solidify its standing in India’s bustling food and beverage sector.
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