Restaurant India News: Curefoods Raises Rs 160 Cr in Pre-IPO Placement from Binny Bansal’s 3State Ventures

Cloud kitchen operator Curefoods has raised Rs 160 crore ($18 million) in a pre-IPO placement from 3State Ventures, the investment arm of Co-founder Binny Bansal, Flipkart. Curefoods has allotted 1.28 crore equity shares at ₹124 a piece to 3State Ventures.

The Bengaluru-based cloud kitchen operator had filed its draft red herring prospectus (DRHP) in June, seeking to raise ₹800 crore through a fresh issue, alongside an offer for sale (OFS) of 4.08 crore shares by early investors, including Iron Pillar, Chiratae Ventures, Crimson Winter, Accel, and Curefit Healthcare. Founder and CEO Ankit Nagori will not participate in the OFS.

According to the DRHP, proceeds from the fresh issue will be deployed to expand Curefoods’ network of cloud kitchens, restaurants, kiosks, and central kitchens, repay debt, invest in subsidiary Fan Hospitality, and meet working capital and general corporate needs. JM Financial, IIFL Capital, and Nuvama Wealth Management is the book-running lead managers.

Curefoods runs a multi-brand cloud kitchen business spanning Indian meals, pizza, desserts, and health-focused food. Its portfolio includes EatFit, CakeZone, Nomad Pizza, Frozen Bottle, Sharief Bhai, and Krispy Kreme. The company reported FY25 revenue of ₹745.8 crore, up from ₹585.1 crore in FY24, while losses narrowed slightly to ₹170 crore from ₹172.6 crore.

Backed by marquee investors including Binny Bansal, Curefoods has scaled rapidly to over 500 service locations across 70+ cities and expanded overseas last year with the launch of Sharief Bhai in the UAE. The pre-IPO funding from 3State Ventures is expected to reduce the size of the fresh issue in Curefoods’ upcoming IPO.