Bengaluru-based cloud kitchen operator Curefoods has raised ₹160 crore ($18 million) in a pre-IPO placement from 3State Ventures, the investment vehicle of Flipkart co-founder Binny Bansal. The company issued 1.28 crore equity shares at ₹124 each to 3State Ventures as part of the deal.
This investment follows Curefoods’ filing of its draft red herring prospectus (DRHP) in June, where it outlined plans to raise ₹800 crore through a fresh issue, alongside an offer for sale (OFS) of 4.08 crore shares by existing investors such as Iron Pillar, Chiratae Ventures, Crimson Winter, Accel, and Curefit Healthcare. Founder and CEO Ankit Nagori has opted out of participating in the OFS.
According to the DRHP, the IPO proceeds will be directed towards expansion of its kitchen and restaurant network, debt repayment, investment in its subsidiary Fan Hospitality, working capital needs, and other corporate purposes. The issue is being managed by JM Financial, IIFL Capital, and Nuvama Wealth Management.
Curefoods operates a multi-brand cloud kitchen platform with popular offerings like EatFit, CakeZone, Nomad Pizza, Frozen Bottle, Sharief Bhai, and Krispy Kreme. The company reported ₹745.8 crore in revenue for FY25, up from ₹585.1 crore in FY24, while losses narrowed to ₹170 crore, compared to ₹172.6 crore in FY24.
With over 500 service locations across 70+ cities and recent international expansion into the UAE through its Sharief Bhai brand, Curefoods has emerged as one of India’s fastest-scaling foodtech players. The pre-IPO investment from 3State Ventures is expected to reduce the size of the fresh issue in its upcoming IPO.
By: Arushi Agarwal
