Curefoods secures Rs 160 crore from Binny Bansal’s 3State Ventures ahead of IPO

IPO-bound cloud kitchen startup Curefoods India Limited has raised Rs 160 crore in a pre-IPO placement from Flipkart co-founder Binny Bansal, the company said on September 26.

It has allotted 1.28 crore equity shares at Rs 124 per share to 3State Ventures Pte. Ltd, Bansal’s investment arm.

This placement was approved by the Board through resolution dated September 10, 2025, and by shareholders through resolution dated September 15, 2025, and will be factored into the sizing of the fresh issue under regulatory norms.

Bansal is an existing investor and has a relationship with Ankit Nagori, founder of Curefoods since the time the latter worked at the e-commerce major.

Promoted by Nagori, Curefoods operates a portfolio of food brands including EatFit, Nomad Pizza, CakeZone, Frozen Bottle, and Sharief Bhai. It also has a tie-up with Krispy Kreme, the donut company, in India.

The Company had earlier filed its DRHP in June 2025 with SEBI for a proposed IPO comprising a fresh Issue of up to Rs 800 crore and an Offer for Sale (OFS) of 4.08 crore equity shares by existing shareholders such as Iron Pillar PCC, Chiratae Ventures, Crimson Winter Limited , Accel India V (Mauritius) Limited, Chiratae Ventures India Fund IV, Global Ecommerce Consolidation Fund, L.P., Chiratae Ventures Master Fund IV, Alteria Capital Fund II – Scheme I, Curefit Healthcare Private Limited, Shripad Shrikrishna Nadkarni, Horizon Techno Pte. Ltd., and Zephyr Peacock India Growth Fund.

According to its DRHP, the net proceeds from the fresh issue will be deployed towards expansion of cloud kitchens, kiosks, restaurants and related infrastructure, prepayment or repayment of certain borrowings, investment in subsidiary Fan Hospitality, funding working capital requirements, and general corporate purposes.

JM Financial Limited, IIFL Capital Services Limited (formerly known as IIFL Securities Limited) and Nuvama Wealth Management Limited are the Book Running Lead Managers to the issue.