Multi-brand cloud kitchen operator Curefoods has raised Rs 160 crore in a pre-IPO placement from 3State Ventures, the investment arm of Flipkart co-founder Binny Bansal. The company allotted 12.8 million equity shares at Rs 124 per share to the Singapore-based fund.
Strategic investment ahead of a major IPO
The placement, approved by the board on September 10 and shareholders on September 15, will be factored into the sizing of the fresh issue under Securities and Exchange Board of India’s (Sebi) Issue of Capital and Disclosure Requirements (ICDR) norms.
Founded by Ankit Nagori, Curefoods had filed its draft red herring prospectus (DRHP) in June 2025 for a proposed IPO comprising a fresh issue of up to Rs 800 crore and an offer for sale of 40.8 million shares by existing shareholders. Nagori is not participating in the OFS.
Financial performance and future expansion plans
The company operates popular food brands including EatFit, Nomad Pizza, CakeZone, Frozen Bottle, Sharief Bhai, and Krispy Kreme across 502 service locations in over 70 cities. Its revenue grew from Rs 3,820 crore in FY23 to Rs 7,458 crore in FY25. However, it posted a loss of Rs 170 crore in FY25, just marginally down from the Rs 173 crore loss it had incurred in FY24.
The IPO proceeds will fund cloud kitchen expansion, debt repayment, subsidiary investments, and working capital requirements. JM Financial, IIFL Capital Services, and Nuvama Wealth Management are the book-running lead managers.