Binny Bansal-backed cloud kitchen startup Curefoods India to tap capital markets, files IPO papers with fresh issue size at Rs 800 crore

Curefoods India IPO

Bengaluru-based cloud kitchens startup Curefoods India, which is backed by Binny Bansal, Accel India, Iron Pillar, and Alteria Capital Fund, has filed draft papers with the SEBI to raise funds via initial public offering. The IPO will comprise of fresh issuance of shares worth Rs 800 crore, and an offer-for-sale of 4.85 crore equity shares by existing shareholders.

Investors — Iron Pillar PCC, Crimson Winter, Accel India V (Mauritius), Chiratae Ventures India Fund IV —along with other shareholders Global eCommerce Consolidation Fund, Alteria Capital Fund, and Curefit Healthcare will be selling shareholders in the offer-for-sale.

Ankit Nagori-owned Curefoods may consider fund raising up to Rs 160 crore in pre-IPO round. If it manages to close the pre-IPO placement, the fresh issue size will get reduced to the extent of said amount.

Promoter Ankit Nagori and Flipkart co-founder Binny Bansal-owned 3State Ventures Pte will be the largest shareholders in the company on a fully diluted basis, holding 27.80 percent and 17.32 percent stakes, respectively. This followed Iron Pillar (13.53 percent), Chiratae (8.23 percent), and Accel India V (Mauritius) (7.17 percent stake).

Moneycontrol was the first to report in January this year that Curefoods, founded by former senior Flipkart executive Ankit Nagori, has begun discussions to hire investment banks and law firms for its IPO.

Click Here To Read All IPO News

The multi-brand food services company plans to utilise Rs 152.5 crore out of fresh issue proceeds for setting up of new cloud kitchens, restaurants, kiosks and central kitchens under the Krispy Kreme brand; expansion of certain existing cloud kitchens; and purchase of machinery and equipment.

Further, it will repay debt amounted to Rs 126.9 crore through issue proceeds. As of April 2025, its debt stood at Rs 239.1 crore on a consolidated basis.

The remainder funds will be utilised for lease payments for existing properties, investment in subsidiaries, acquisition of additional shareholding in subsidiaries, sales and marketing initiatives, and inorganic growth through unidentified acquisitions and general corporate purposes.

Shardul Amarchand Mangaldas and Trilegal are the legal advisors on the IPO.

Curefoods India operates food services business through five central kitchens, 281 cloud kitchens, 99 kiosks, 122 restaurants and 13 warehouses across over 70 cities and towns in India.

On the financial front, it has posted loss of Rs 170 crore for the year ended March 2025, narrowing moderately from loss of Rs 171.9 crore in the previous fiscal. Revenue during the fiscal 2025 stood at Rs 745.8 crore, increased by 27.5 percent from Rs 585.1 crore in previous financial year.

JM Financial, IIFL Capital Services, and Nuvama Wealth Management are appointed as the book running lead managers to the Curefoods India IPO.