About Curefoods India IPO
Curefoods India Ltd. Filed the DRBP with the SEBI on June 28, 2025. This is a 100% book-built offer with a fresh issue of up to ₹800 crore and an offer for sale of up to 48,537,599 equity shares. The face value per share is ₹1.
The shares are supposed to be listed on the BSE and the NSE platforms, but the specific details regarding the price band, open and close dates and the expected listing date remain to be announced as per this initial filing. The Book Running Lead Managers (BRLMs) for these issues are JM Financial Ltd., IIFL Capital Services Ltd., and Nuvama Wealth Management Ltd., while KFin Technologies Ltd. will serve as the Registrar to the Offer.
Company Background
Curefoods India Ltd. was originally incorporated on October 10, 2020, in Bengaluru. The transition from a private firm to a public ltd. entity in June 2025 as part of its preparations for the Curefoods India IPO.
The company has grown from a young startup into a major player in the Indian food services industry. Also, the headquarters is in Bengaluru, Karnataka. Its evolution is marked by several strategic acquisitions and amalgamations aimed at consolidating its position in the market.
Operations & Product Range
Curefoods India Ltd. It is mainly in the business of running different types of kitchens and restaurants. They have cloud kitchens, quick-service restaurants and traditional restaurants. They have a lot of foods, such as pizzas, biryani, cakes, desserts, and meals that are healthy for consumers.
The company is trying to provide people with what they want to eat. They want to make sure that everyone can find something they like. By providing services to consumers through their own stores and popular third-party delivery services, the company operates a multi-brand business model that enables it to serve different customer segments and food preferences.
Facilities & Capacity
The company has its kitchen and restaurant chain spread across different cities in India. Although the actual capacity of the kitchens is not stated in the initial report, the non-current assets of the company, which include property, plant, and equipment, were stated to be ₹148.176 crore as of March 31, 2025. The company has also forayed into international operations by setting up a subsidiary in Dubai, named Curefoods Global Ltd., in the latter part of 2024.
Brands & Market Presence
Curefoods India Ltd. operates a set of brands that have become household names in different urban markets. Some of the subsidiaries and brands that are part of this group include Cakezone, MunchBox, and Millet Express.
The company maintains a strong domestic presence, particularly in major Indian metros. Its international exposure recently began with the incorporation of its Dubai-based entities to explore global markets.
Revenue Streams & Business Model
The main source of revenue for Curefoods India Ltd. is the sale of food and beverages through its multi-brand kitchen chain. For the fiscal year 2025, the company has shown revenue from operations of ₹7,457 million.
The company’s business model is based on the concept of centralized kitchen operations, or cloud kitchens, which help them save costs while still processing a large number of orders for various cuisines. This helps them expand quickly in new locations without incurring the high costs associated with fine dining restaurants.
Management & Shareholding
Curefoods India Ltd. is headed by its founder and promoter, Ankit Nagori (Chairman, Managing Director & CEO), whose management has taken the company through its phase of significant growth. Before the Curefoods India IPO, the promoter had a majority shareholding in the company, but this is likely to get diluted in the course of the fresh issue of shares and the OFS part of the IPO.
Board & Key Management
The board & the key management of Curefoods India Ltd. provide strategic oversight for the company’s operations, led by Ankit Nagori (Chairman and Managing Director). The members who support the executive leadership are the Whole-Time Director and COO, who hold the position of CFO, and Richa Sharma (CS). Additionally, the board includes nominee directors representing major investors, such as Anand Ramachandran Prasanna, ensuring a diverse range of expertise and stakeholder representation in the company's governance.
Curefoods India IPO Details
| Detail | Description |
|---|---|
| IPO Date | - |
| Listing Date | - |
| Face Value | ₹ 1 per share |
| Issue Price Band | - |
| Lot Size | - |
| Sale Type | Fresh Capital & OFS |
| Total Issue Size | - |
| Reserved for Market Maker | - |
| Fresh Issue(Ex Market Maker) | [.] shares (agg. up to ₹ 800 Cr) |
| Offer for Sale | 4,85,37,599 shares of ₹1 (agg. up to ₹[.] Cr) |
| Net Offered to Public | - |
| Issue Type | Bookbuilding IPO |
| Listing At | BSE, NSE |
| Share Holding Pre Issue | 9,54,38,319 shares |
| Share Holding Post Issue | - |
Curefoods India IPO Financial Information
Latest Revenue
775.49
₹ Crore
Profit After Tax
-169.97
₹ Crore
Net Worth
510.17
₹ Crore
Total Borrowing
195.88
₹ Crore
| Period Ended | Assets | Revenue From Operations | Profit After Tax | Net Worth | Reserves & Surplus | Total Borrowing | |||
|---|---|---|---|---|---|---|---|---|---|
| 31 Mar 2025 | 1,042.71 | 775.49 | -169.97 | 510.17 | 510.13 | 195.88 | |||
| 31 Mar 2024 | 866.15 | 635.09 | -172.61 | 454.69 | 454.66 | 124.11 | |||
| 31 Mar 2023 | 952.53 | 411.55 | -342.73 | 555.10 | 555.07 | 131.18 | |||
| Amount in ₹ Crore | |||||||||
Curefoods India Key Performance Indicator
| KPI | Values |
|---|---|
| ROE | -32.90% |
| ROCE | -20.45% |
| Debt/Equity | 0.38x |
| RoNW | -31.29% |
| PAT Margin | -22.79% |
| EBITDA Margin | -7.72% |
| Price to Book Value | - |
| Pre IPO | Post IPO | |
|---|---|---|
| EPS (Rs) | -5.58 (basic) | - |
| P/E (x) | - | - |
IPO Objectives
The company plans to utilize the funds raised from the Curefoods India IPO for various strategic uses. The general purposes of the IPO include:
- • Funding capital expenditure for setting up new kitchens and refurbishing existing ones.
- • Repayment or prepayment of certain borrowings.
- • Inorganic growth through potential acquisitions.
- • General corporate purposes.
Conclusion
The Curefoods India IPO is a major expansion for a firm that has emerged as a leading player in the Indian food-tech industry in less than five years. With a huge fresh issue of ₹2,800 crores, the firm is set to further consolidate its multi-brand strategy. Although the firm is currently operating at a loss, having reported a loss for the year 2025 alongside its revenue growth, its strategy is still focused on developing a comprehensive food platform that can meet the diverse tastes of the Indian consumer.
Frequently Asked Questions
Recommended Advisory Services
Ready to take your company public? Explore our specialized IPO advisory services tailored for Indian enterprises.
The India IPO Publication is managed by an editorial team that includes highly experienced finance journalists, market researchers and professionals from the capital markets industry who strive to create high-quality content based on credible sources. Our editors write about IPOs, capital markets, corporate news, capital-raising strategies, regulations and other business matters to ensure our audience stays updated with the latest information. We conduct detailed research and fact-check all information before publishing any content to ensure credibility.
Competitive Strengths
Multi-Brand Ecosystem: Operating a diverse portfolio of cuisines allows the company to capture various "food occasions" from a single kitchen infrastructure.
Scalable Cloud Kitchen Model: The business is designed for rapid expansion into new micro-markets with lower capital intensity compared to traditional restaurants.
Strategic Market Positioning: A strong presence in urban metros and a growing footprint in the QSR segment provide a competitive edge in the evolving Indian food services sector.
| Sr.no | Description | Date | File |
|---|---|---|---|
| 1 | SEBI/Exchange approval received | 24/10/2025 | - |
| 2 | Filed with SEBI/Exchange | 01/07/2025 | View DRHP |
Curefoods India IPO Timeline
| IPO Open Date | - |
| IPO Close Date | - |
| Tentative Allotment | - |
| Initiation of Refunds | - |
| Credit of Shares to Demat | - |
| Tentative Listing Date | - |
| Cut-off time for UPI mandate confirmation | - |
IPO Lot Size
| Investors | No.of lots | Shares Offered | Max Bid Amount |
|---|---|---|---|
| Individual investors (Retail) (Min) | 1 | — | ~₹14,000 - ₹15,000 |
| Individual investors (Retail) (Max) | 13-14 | — | Up to ₹2,00,000 |
| S-HNI (Min) | 14-15 | — | Over ₹2,00,000 |
| S-HNI (Max) | 66-70 | — | Over ₹2,00,000 |
| B-HNI (Min) | 71+ | — | Over ₹10,00,000 |