Curefoods, the Ankit Nagori-led cloud kitchen giant, has filed DRHP with the Securities and Exchange Board of India (SEBI) as it looks to go public with an INR 800 crore fresh issue and an Offer for Sale (OFS) of up to 48.5 million equity shares.
Curefoods IPO, which marks a major milestone for the five-year-old company, is anchored by some of India’s most prominent venture capital names, including Binny Bansal’s 3State Ventures, Iron Pillar, Accel India, Chiratae Ventures, and Crimson Winter. Notably, founder and CEO Ankit Nagori—also a co-founder of Curefit—will not participate in the OFS, choosing instead to retain his 27.8% stake, the largest by any individual.
Curefoods IPO Snapshot: Fresh Capital and Strategic Exits
Curefoods aims to raise INR 800 crore through a fresh issue, with the proceeds earmarked for:
- Setting up new cloud kitchens, restaurants, kiosks, and Krispy Kreme Theatres
- Repaying borrowings (~INR 126.90 crore)
- Lease payments for existing outlets
- Strategic investments in subsidiaries, including Fan Hospitality and CakeZone Foodtech
- Marketing, machinery purchase, and potential inorganic acquisitions
The company may also consider a pre-IPO placement of INR 160.00 crore, potentially reducing the fresh issue size.
The Offer for Sale will provide partial exits for early backers:
- Iron Pillar: up to 1.9 crore shares
- Crimson Winter: 97.6 lakh shares
- Accel India: 45.75 lakh shares
- Chiratae Ventures: 64.5 lakh shares
- Global eCommerce Fund: 35.2 lakh shares
Backed by Strong Institutional Muscle
According to the DRHP and regulatory disclosures:
- Binny Bansal’s 3State Ventures is the largest external shareholder with a 17.32% stake
- Iron Pillar holds 13.53%
- Chiratae Ventures and Accel India hold 8.23% and 7.17%, respectively
- The company has raised over USD 125 million in equity financing to date
In March 2025, Curefoods raised INR 56.4 crore in debt, led by BlackSoil Group and Bansal, to support working capital needs. This marked the company’s first structured debt round in 2025.
Financial Performance: Scaling Fast, Yet Loss-Making
Curefoods has demonstrated explosive revenue growth, albeit accompanied by persistent losses:
| Metric | FY23 | FY24 | FY25 |
|---|---|---|---|
| Revenue from Operations | 382.04 | 585.12 | 745.79 |
| YoY Growth (%) | – | 53.2% | 27.5% |
| Net Loss | (342.73) | (172.61) | (169.97) |
| EBITDA Margin | (72.2%) | (14.2%) | (7.7%) |
| Average Order Value (INR) | 335.7 | 369.8 | 408.9 |
Despite an expanding top line, the company is yet to turn a profit, though losses have stabilised. Curefoods attributes margin improvement to operational efficiency, brand scaling, and backend integration across its cloud kitchen and retail footprint.
Second-Largest Digital-First Food Services Brand in India
Curefoods, which launched EatFit in 2020, now operates a portfolio of 10+ key brands, including CakeZone, Olio Pizza, Nomad Pizza, Sharief Bhai, Frozen Bottle, Millet Express, and most recently, Krispy Kreme, whose pan-India franchise rights were acquired in 2024–25.
As of March 2025, Curefoods operates:
- 502 Service Locations across 70+ Indian cities
- 281 Cloud Kitchens
- 122 Restaurants
- 99 Kiosks
- 5 Central Kitchens
- 13 Warehouses
Its hub-and-spoke model and AI-enabled supply chain help consolidate food prep at central kitchens and distribute efficiently to spoke locations. Curefoods has also established international operations with the launch of Sharief Bhai in the UAE.
Market Context: INR 12 Lakh Crore Opportunity
As per the RedSeer report, India’s food services market is INR 6.6 lakh crore in 2024 and is expected to double to INR 12-12.6 lakh crore by 2030. Digital-first formats like cloud kitchens and QSR chains are leading the organised growth.
Curefoods has leveraged this trend by building a diversified, acquisition-driven portfolio, rapid tech adoption and presence across formats and price points. It is India’s first digital-first food services company (excluding marketplaces like Zomato and Swiggy) to reach INR 750 crore in annual revenue in 5 years of existence.
Challenges: Profitability, Competition, Execution Risk
While Curefoods’ topline growth is impressive, its losses and negative EBITDA margins raise questions on sustainable profitability, especially in a space with high customer acquisition costs and competitive pricing.
Also, with a debt-to-equity ratio of 0.38 and total debt of INR 200 crore in FY25, Curefoods will have to show earnings leverage and rationalise capital deployment post-IPO.
The Road Ahead
Curefoods plans to expand in Tier II+, expedited delivery formats, international growth and packaged food categories. It is also exploring future franchising rights in coffee, fried chicken and guilt-free desserts, indicating its ambition to enter new high-growth verticals.
With a strong promoter in Ankit Nagori, marquee investors like Binny Bansal and presence in both digital and physical food retail, Curefoods is betting that its tech-enabled food empire can ride India’s evolving food trends.
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