IPO-bound Curefoods plans ambitious brand expansion, to invest Rs 152 cr for setting up new kitchens and outlets by 2029

Ankit Nagori is the founder of Curefoods, which operates EatFit and several other brands.

IPO-bound Curefoods - a leading digital-first, multi-brand food services company - is planning a significant ramp up by spending Rs 152 crore to add new kitchens, restaurants, kiosks and Krispy Kreme Theatres by 2029.

According to sources, Curefoods’ expansion will be supported by a blend of organic growth, acquisitions, and investment in infrastructure.

Curefoods operates across multiple cuisines and price points with a portfolio of 10 major brands such as EatFit, Sharief Bhai Biryani, Olio Pizza, Nomad Pizza, CakeZone, Frozen Bottle, Millet Express, and the global franchisee brand Krispy Kreme.

The company plans to strengthen presence by adding density in existing cities and scale up operations in Tier II and beyond cities, supported by a hub-and-spoke model of central kitchens, cloud kitchens, kiosks and restaurants, said one of the people cited above. The brand is also expanding internationally, with Sharief Bhai Biryani launching in the UAE through leading delivery platforms, the source added.

Curefood’s growth strategy will be two-pronged, involving organic growth through rapid scale up of flagship brands and extensions such as HRX by EatFit and Crusto’s Cheese Burst Pizza by Olio Pizza, the source said, while aiming at inorganic growth by acquiring brands and integrating them into Curefoods’ platform.

As of March 31, 2025, Curefoods was running 502 service locations across over 70 cities and towns, with five central kitchens, 281 cloud kitchens, 99 kiosks, 122 restaurants and 13 warehouses, as per the draft IPO document. The company has seen its total food orders grow sharply from 11.38 million in FY23 to 18.23 million in FY25.

Curefoods, founded by Ankit Nagori, is backed by several investors, including Flipkart co-founder Binny Bansal, Accel India, Iron Pillar and Alteri Capital Fund. Other investors of the cloud kitchen company are Chiratae Ventures, Crimson Winter and the Global eCommerce Consolidation Fund.

Curefoods had filed its draft IPO papers in June and plans to raise fresh capital worth Rs 800 crore. Along with the offer for sale of shares by exiting shareholders, the total IPO size is expected around Rs 1,500 crore. The Curefoods IPO is expected to hit the markets before the end of the calendar year, sources added.

The foodtech startup proposes to utilise Rs 152.54 crore towards setting up new cloud kitchens, restaurants, kiosks and Krispy Kreme Theatres. It will also be expanding certain existing cloud kitchens through brand additions and purchase of equipment.

Curefoods will also be investing Rs 91.96 crore into its subsidiary, Fan Hospitality Services, to acquire additional stake and set up new central kitchen, cloud kitchens and restaurants under the business.

An email sent to Curefoods did not elicit a response till the time of publication.