Ahead of its planned IPO, Curefoods India has raised Rs 160 crore in a pre-IPO placement from Flipkart co-founder Binny Bansal’s 3State Ventures. The company operates a network of cloud kitchens, restaurants, kiosks, and central kitchens across India.
Let’s take a look at the key factors of this funding and what it means for investors as well as for the company’s upcoming IPO.
Curefoods IPO: Pre-IPO placement details
Curefoods allotted 1.28 crore equity shares at Rs 124 per share to 3State Ventures. The placement was approved by the company’s board on September 10, 2025. It was ratified by shareholders on September 15.
These shares will be factored into the size of the upcoming IPO under regulatory norms.
Curefoods IPO: Binny Bansal connection
Binny Bansal is an existing investor in Curefoods through 3State Ventures. The partnership goes back to the company’s founder, Ankit Nagori, who previously worked with Bansal at Flipkart.
Curefoods IPO: The upcoming IPO details
Curefoods filed its draft red herring prospectus (DRHP) with SEBI in June 2025 for a proposed IPO of up to Rs 800 crore.
Furthermore, the IPO comprises a fresh issue and an offer-for-sale (OFS) component from existing investors. This includes private equity firms like Chiratae Ventures, Accel India, and others.
Apart from these, the funds raised from the public offering will be used to expand cloud kitchens, kiosks, and restaurants, repay borrowings, and invest in its subsidiary Fan Hospitality. The rest will be used for working capital and corporate purposes.
Curefoods IPO: Reach and scale
The company operates across 502 service locations in over 70 cities and towns as of March 31, 2025. It has five central kitchens, 281 cloud kitchens, 99 kiosks, 122 restaurants, and 13 warehouses supporting its operations.
Along with its proprietary ordering system, its delivery network integrates with major platforms such as Swiggy and Zomato.
Curefoods IPO: Growth and revenue of the company
Curefoods’ revenue grew from Rs 3,820.42 million in FY23 to Rs 7,457.96 million in FY25, achieving a CAGR of nearly 40%. Its order volumes rose from 11.38 million in FY23 to 18.23 million in FY25. The company’s 10 key brands contributed over 98% of its total revenue in FY25.
Curefoods IPO: Market positioning
Curefoods is among the largest cloud kitchen operators in India. In addition to this, it also ranks in the top two in terms of service locations.
Moreover, it is one of the fastest-growing food services companies based on revenue from operations. With the launch of Sharief Bhai in the UAE in 2024 it has expanded internationally.
Curefoods IPO: About the company
Promoted by Ankit Nagori, Curefoods operates multiple food brands. This includes EatFit, Nomad Pizza, CakeZone, Frozen Bottle, and Sharief Bhai, and has a tie-up with Krispy Kreme in India.
Moreover, it manages a combination of cloud kitchens, restaurants, kiosks, and central kitchens to deliver a wide variety of cuisines and meals across price points.