Curefoods Files Rs 800 Cr IPO to Expand Cloud Kitchen Biz

Curefoods India Pvt Ltd, a cloud kitchen operator based in Bengaluru, has filed its Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) for a proposed Initial Public Offering (IPO). The move marks a significant development in the company's efforts to scale its presence in India’s foodtech and hospitality space.

The public issue includes a fresh issue of equity shares worth up to Rs 800 crore, and an Offer For Sale (OFS) of 4.85 crore equity shares by existing shareholders.

The OFS will see partial exits by several early and institutional investors, including Iron Pillar PCC, Crimson Winter, Accel India V (Mauritius), Chiratae Ventures India Fund IV, and the Global E-commerce Consolidation Fund. Other stakeholders such as Alteria Capital Fund and Curefit Healthcare are also among the selling shareholders.

As mentioned in the draft, Curefoods may consider raising an additional Rs 160 crore through a pre-IPO placement. If executed, the fresh issue size would be adjusted accordingly.

Founded by Ankit Nagori, a former Flipkart executive, Curefoods has built a portfolio of digital-first food brands that operate through the cloud kitchen model, catering to growing consumer demand for delivery-first dining experiences across urban markets.

On a fully diluted basis post-issue, Ankit Nagori is expected to retain a 27.80 percent stake, making him the largest shareholder. 3State Ventures Pte, the investment firm owned by Flipkart co-founder Binny Bansal, will hold 17.32 percent, followed by Iron Pillar (13.53 percent), Chiratae Ventures (8.23 percent), and Accel India V (7.17 percent).

The net proceeds from the fresh issue are planned to be deployed toward operational expansion, strengthening the cloud kitchen network, and supporting strategic growth initiatives.

This proposed IPO underlines growing investor interest in India’s consumer internet and foodtech sectors, as the country’s digital food delivery market continues to expand in scale and competition through 2025.