Curefoods, one of India’s leading cloud kitchen operators, has filed its Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI), signaling its intention to go public. The proposed Initial Public Offering (IPO) includes a fresh issue of ₹800 crore and an Offer for Sale (OFS) of 4.85 crore shares by existing shareholders.
As per the DRHP, several of Curefoods’ key investors are set to partially exit through the OFS route. Venture capital firm Iron Pillar will offload 1.9 crore shares, while Crimson Winter and Accel India plan to sell 97.6 lakh and 45.75 lakh shares respectively. Chiratae Ventures and Global eCommerce will also participate, divesting 64.5 lakh and 35.24 lakh shares.
The company’s shareholder structure reveals that 3 State Ventures, the investment firm led by Flipkart co-founder Binny Bansal, is the largest external shareholder with a 17.32% stake. Iron Pillar follows with 13.53%, Chiratae Ventures with 8.23%, Accel India with 7.17%, and Crimson Winter with 4.08%. Co-founder and CEO Ankit Nagori retains a 27.8% stake, making him the largest individual stakeholder.
Curefoods has raised approximately $125 million across funding rounds, according to data from startup intelligence platform TheKredible.
The Bengaluru-headquartered company operates a portfolio of cloud kitchen brands including Eatfit, Millet Express, Sharif Bhai, CakeZone, Rolls on Wheels, Olio, Nomad, Frozen Bottle, and Ovenfresh. It also recently acquired pan-India rights for global doughnut brand Krispy Kreme, expanding its presence in the premium dessert segment.
The company aims to list on both the National Stock Exchange (NSE) and Bombay Stock Exchange (BSE). JM Financial, IIFL Capital, Nuvama, and KFintech have been appointed as the book-running lead managers for the issue.
According to the DRHP, proceeds from the fresh issue will be used for the expansion of cloud kitchen infrastructure, repayment of outstanding debts, lease obligations, brand marketing, and other general corporate purposes.
On the financial front, Curefoods reported a 27% year-on-year increase in revenue—from ₹585.1 crore in FY24 to ₹745.7 crore in FY25. Losses narrowed slightly, from ₹172.6 crore in FY24 to ₹170 crore in the latest fiscal, indicating incremental progress toward operational efficiency.
While the IPO marks a natural progression for Curefoods’ growth strategy, investor sentiment is expected to hinge on profitability metrics. Market watchers note that the stock market has historically favored consumer brands that demonstrate consistent earnings and margin improvements, such as Jubilant FoodWorks and Varun Beverages. It remains to be seen if Curefoods, which is yet to turn profitable, can command the valuation it seeks.
The company’s IPO comes at a time when India’s stock markets are witnessing robust activity, and several tech-driven consumer brands are exploring public listings to raise growth capital and offer exits to early-stage investors. For Curefoods, the public listing represents both an expansion milestone and a credibility test in the fast-evolving foodtech and cloud kitchen space.
– by Bhumika Rawat
