Curefoods Secures SEBI Nod for ₹800 Crore IPO; Aims to Fuel Expansion and Strengthen Market Presence
Cloud-kitchen unicorn Curefoods has reportedly received SEBI’s approval to proceed with its much-anticipated Initial Public Offering (IPO), marking another milestone in India’s growing startup IPO wave. The Bengaluru-based foodtech company plans to raise up to ₹800 crore through a combination of a fresh issue of shares and an offer-for-sale (OFS) by existing investors.
The approval comes just months after Curefoods filed its Draft Red Herring Prospectus (DRHP) with SEBI in June 2025. The IPO is expected to bolster the company’s financial position, support its expansion strategy, and reduce debt as it prepares for its next phase of growth in India’s competitive cloud-kitchen and food delivery ecosystem.
Strong Pre-IPO Backing and Strategic Investments
Ahead of its IPO, Curefoods raised ₹160 crore in pre-IPO funding from 3State Ventures, an investment firm founded by Binny Bansal, co-founder of Flipkart. The capital infusion highlights the strong investor confidence in Curefoods’ business model, which combines technology, scalable kitchen infrastructure, and strong digital brands.
Curefoods counts marquee investors such as Accel, Iron Pillar, and Chiratae Ventures among its backers. The company plans to deploy IPO proceeds toward business expansion, marketing initiatives, strategic acquisitions, and debt repayment, enabling it to strengthen its market position and scale operations across key Indian cities.
Financial Performance: Balancing Growth and Profitability
Curefoods has showcased consistent top-line growth in recent years. In FY25, the company’s operating revenue grew 27% year-on-year to ₹745.8 crore, driven by higher order volumes, brand diversification, and expanded geographic reach.
While the company continues to invest heavily in technology, brand building, and kitchen expansion, its net loss remained steady at ₹169.9 crore during the same fiscal year. The stable loss figure amid growing revenues suggests improved cost optimization and a maturing business model.
Curefoods’ Vision: Building India’s Largest Cloud-Kitchen Ecosystem
Founded by Ankit Nagori, former Flipkart executive, Curefoods operates a multi-brand cloud-kitchen network that brings popular digital-first food brands under one umbrella. Its diverse portfolio includes well-known brands such as EatFit, Frozen Bottle, CakeZone, and Nomad Pizza.
The company’s strategy focuses on combining data-driven insights, menu innovation, and efficient kitchen operations to deliver consistent quality and customer satisfaction. Curefoods’ scalable business model allows it to expand rapidly into new cities without the high overhead costs associated with traditional restaurants.
Industry Outlook and Market Position
The Indian cloud-kitchen and online food delivery sector continues to witness strong growth, propelled by urbanization, increased smartphone penetration, and rising demand for convenient dining options. Analysts estimate the cloud-kitchen market in India could exceed $2 billion by 2028, presenting significant opportunities for players like Curefoods.
By going public, Curefoods joins a growing list of Indian startups—across fintech, consumer tech, and foodtech—preparing to tap public markets. The IPO is expected to enhance brand visibility, attract institutional investors, and provide existing stakeholders with partial liquidity.
Conclusion
Curefoods’ upcoming ₹800 crore IPO marks a pivotal step in its journey toward becoming India’s leading cloud-kitchen powerhouse. Backed by strong investors, robust growth, and a diversified portfolio, the company is well-positioned to capitalize on the evolving food delivery ecosystem. With SEBI’s nod and a clear strategic vision, Curefoods is set to make a strong debut on the Indian bourses, paving the way for the next chapter in India’s foodtech revolution.
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