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08 Aug, 2025
Curefoods, one of the largest cloud kitchen operators based in Bengaluru, has made a major milestone towards capital raising by submitting its draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI). In its initial public offering (IPO), the company will issue new shares worth Rs 800 crore. The step is a part of the ambition of Curefoods to strengthen its presence in the fast-growing Indian cloud kitchen industry and increase its national presence.
The fresh issue of Rs 800 crore will be supported by an offer of sale (OFS) of about 48.5 million shares, which will enable early investors to partially offload their stake. These investors include large venture capitalists like Accel, Chiratae Ventures, Iron Pillar, Alteria Capital and Curefit Healthcare. The IPO will be handled by JM Financial, IIFL Capital and Nuvama Wealth Management and the shares are likely to be listed in the National Stock Exchange (NSE) and Bombay Stock Exchange (BSE).
Curefoods has more than 500 cloud kitchens across 70 cities in India with a portfolio of popular brands such as Eat Fit, Nomad Pizza, Sharief Bhai Biryani, CakeZone and Frozen Bottle. The company recently acquired pan-India rights to the globally renowned doughnut and coffee chain Krispy Kreme, indicating its plan to diversify and consolidate its brand portfolio.
The multi-brand strategy has enabled the company to meet the needs of various consumer tastes and preferences, including the health-conscious meals under Eat Fit to the indulgent treats such as the doughnuts of Krispy Kreme. This range of portfolio makes Curefoods stand out among other competitors in the cloud kitchen market.
Curefoods also has a clear plan for the use of the money generated by the IPO. It is estimated that about Rs 152 crore will be invested in the growth of new cloud kitchens, restaurants, kiosks and central kitchens, with a significant focus on expanding the Krispy Kreme brand within India. The repayment of some of the outstanding debts will be done with Rs 127 crore, which will improve the financial health of the company. The rest of the money will be used in investments in subsidiaries to help Curefoods boost its shareholding and improve its operational capacity.
Curefoods is a cloud kitchen company founded in 2020 by Mukesh Bansal and Ankit Nagori, former co-founders of Curefit Healthcare and has since grown to be the second-largest cloud kitchen player in India by revenue, after Rebel Foods, which is backed by Temasek. In the fiscal year 2025, the company recorded revenues of Rs 746 crore, representing a 27 percent growth rate in comparison to the previous year. Curefoods is yet to turn profitable, but the losses have decreased slightly, by Rs 2 crore, to Rs 170 crore in FY25 compared to Rs 172 crore in FY24.
Some of the best revenue generators of the company include Sharief Bhai Biryani and EatFit, which contribute about 20 percent of the total revenues each. This strong brand mix has enabled Curefoods to continue growing steadily despite the problems experienced in the food delivery industry in the recent past.
Overall, the IPO of Curefoods, worth Rs 800 crore, is a crucial moment in the history of the company since it tries to stabilize its presence in the cloud kitchen segment and extend new brands all over the country. The investors and industry observers will be watching closely how this Bengaluru-based startup will navigate the competitive environment and capitalize on the new consumer trends within the Indian food ecosystem.
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