Cloud kitchen operator Curefoods has filed the Draft Red Herring Prospectus with the market regulator Sebi to raise Rs 800 crore in an Initial Public Offering (IPO) via fresh issue. Additionally, the IPO will also include an Offer for Sale of 4.85 crore equity shares.
As per the filing papers, major investors in Curefoods are offloading their shares in the proposed IPO. This includes Accel India, Iron Pillar, Chiratae Ventures India, and Curefit Healthcare.
Curefoods’ finances
In the past two years, Curefoods reported a 39.72 percent compound annual growth rate (CAGR) in its revenue from operations. In FY23, it reported a revenue of Rs 382 crore, which increased to Rs 745 crore in FY25.
The company says that it has 10 key brands that generated revenue of over Rs 24 crore in FY25.
How will it utilise IPO proceeds?
Curefoods said that it plans to expand some of its key business verticals from the IPO proceeds. The company said that it will utilise Rs 152 crore for expansion and equipment. A large portion of the money is planned for the expansion of the Krispy Kreme brand. The company said that it will utilise Rs 126 crore for establishing new cloud kitchens, kiosks, and restaurants for Krispy Kreme.
Additionally, the company will utilise Rs 19.91 crore for the expansion of the existing cloud kitchen and Rs 6.31 crore for the purchase of machinery.
Curefoods’ operations
Curefoods is among the biggest cloud kitchen companies in India. It operates brands such as EatFit, Nomad Pizza, Krispy Kreme, and Olio Pizza. The company claims to have a presence in 70 cities in India with 502 service locations.
The company operates with 5 central kitchens, 281 cloud kitchens, and 122 restaurants across the country. Besides its own dedicated website for food ordering, the company has a strong presence on online food delivery platforms like Swiggy and Zomato.
In 2024, Curefoods entered the international market with with launch of Sharief Bhai Biryani in the United Arab