Binny Bansal-backed Curefoods wants to raise ₹800cr via IPO
29 Jun 2025

Curefoods India, a Bengaluru-based cloud kitchen start-up backed by Flipkart co-founder Binny Bansal, has filed its draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI).

The company plans to raise ₹800 crore through an initial public offering (IPO).

The IPO will consist of a fresh issue of shares worth ₹800 crore and an offer-for-sale (OFS) of 4.85 crore equity shares by existing shareholders.

It may raise ₹160cr in pre-IPO round
Shareholders

The OFS will be participated by investors like Iron Pillar PCC, Chiratae Ventures India Fund IV, Crimson Winter, Accel India V (Mauritius), and other shareholders including Global eCommerce Consolidation Fund, Alteria Capital Fund and Curefit Healthcare.

Curefoods may also consider raising up to ₹160 crore in a pre-IPO round. If successful, this would reduce the fresh issue size accordingly.

Ankit Nagori, Bansal will be largest shareholders
Ownership

Promoters Ankit Nagori and 3State Ventures Pte owned by Bansal, will be the largest shareholders in Curefoods on a fully diluted basis.

They will hold 27.80% and 17.32% stakes, respectively.

The company plans to use ₹152.5 crore from fresh issue proceeds for setting up new cloud kitchens and restaurants under Krispy Kreme brand among other things.

A look at the financials of Curefoods
Financials

Curefoods posted a loss of ₹170 crore for the year ended March 2025, slightly down from a loss of ₹171.9 crore in the previous financial year.

Its revenue during fiscal 2025 stood at ₹745.8 crore, up 27.5% from ₹585.1 crore in the last financial year.

The firm operates food services business through five central kitchens and 281 cloud kitchens, among other facilities across over 70 cities and towns in India.