Curefoods India Limited, an internet-driven multi-brand food services company offering comprehensive cuisines catering to a range of consumer preferences and dietary needs, has raised Rs 160 crore (Rs 159,49,99,972) in a pre-IPO placement, allotting 1.28 crore equity shares at Rs 124 per share to 3State Ventures Pte. Ltd. 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 SEBI ICDR norms.
Promoted by Ankit Nagori, Curefoods has emerged as one of India’s largest cloud kitchen operators, with a portfolio of popular food brands including EatFit, Nomad Pizza, CakeZone, Frozen Bottle, and Sharief Bhai, as well as tie-ups such as Krispy Kreme. The company has scaled rapidly by leveraging technology, standardised operations, and a multi-brand strategy to tap into India’s growing demand for quality and convenient food delivery.
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. Please note that Ankit Nagori is not participating in OFS.
According to its DRHP, the net proceeds from the fresh issue will be deployed towards: (i) expansion of cloud kitchens, kiosks, restaurants and related infrastructure, (ii) prepayment or repayment of certain borrowings, (iii) investment in subsidiary Fan Hospitality, (iv) funding working capital requirements, and (v) 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.
About Curefoods India Limited
Curefoods ranks among the top two leading cloud kitchen companies in India in terms of service locations covered, as of March 31, 2025. It is also the fastest-growing food services company in the country based on revenue from operations in Fiscal 2025, and is notably the first food services company in India (excluding food delivery marketplaces) to surpass annual revenues of Rs 7,500 million within its first five years of operations (Source: RedSeer Report).
Its portfolio of Key Brands includes EatFit, CakeZone, Nomad Pizza, Sharief Bhai Biryani, Olio Pizza, Frozen Bottle, Millet Express, and Krispy Kreme—each tailored to appeal to specific consumer preferences. These brands are designed to address various price points, cuisines, and taste preferences, as well as multiple meal occasions throughout the day. The company follows a multi-brand strategy, enabling it to cater to a wide customer base and meet the needs of different consumer segments. Through its diverse brand offerings, Curefoods serves a range of demands from healthy meals to indulgent treats, and from breakfast through to lunch, snacks, and dinner.
As of March 31, 2025, Curefoods had a presence across 502 service locations in more than 70 cities and towns in India. Its offline network comprises five central kitchens, 281 cloud kitchens, 99 kiosks, 122 restaurants, and 13 warehouses, strategically located in high-footfall areas to maximise accessibility.
The company’s online reach is driven by strong integration with leading food delivery platforms such as Swiggy Limited and Eternal Limited (formerly Zomato Limited, including “Zomato”), along with its proprietary website that offers seamless ordering and payment options. Its supply chain infrastructure includes 13 dedicated warehouses located in proximity to its operational hubs, supporting efficient resource management and timely ingredient delivery.
As of March 31, 2025, Curefoods operated a portfolio of 10 Key Brands defined as brands that generated revenues of more than Rs 240 million in Fiscal 2025. Curefoods’ revenue from operations increased from Rs3,820.42 million in Fiscal 2023 to Rs 7,457.96 million in Fiscal 2025, reflecting a compound annual growth rate (CAGR) of 39.72%. Its service location footprint has expanded steadily, growing from 277 locations as of March 31, 2023, to 364 as of March 31, 2024, and further to 502 as of March 31, 2025. The company also entered international markets in 2024 with the launch of Sharief Bhai in the United Arab Emirates (UAE). This expansion has led to a significant rise in order volumes from 11.38 million in Fiscal 2023 to 15.82 million in Fiscal 2024, and to 18.23 million in Fiscal 2025. The Key Brands contributed 95.32% of Curefoods’ revenue from operations in Fiscal 2023, 97.98% in Fiscal 2024, and 98.35% in Fiscal 2025.
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