Curefoods files DRHP with Sebi to launch its IPO; check details

Curefoods India, a multi-brand food services company, has filed its draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) for an initial public offering (IPO). The offering includes a fresh issue of shares worth Rs 800 crore and a sale of 48,537,599 equity shares by existing shareholders.

The IPO aims to raise funds for expansion projects, mainly focusing on establishing new Krispy Kreme cloud kitchens, restaurants, kiosks, and central kitchens. Additionally, the company plans to expand select existing cloud kitchens and purchase necessary machinery and equipment. The net proceeds earmarked for these initiatives amount to Rs 152.54 crore. This strategic move is expected to bolster its market presence significantly.

Established as a significant player in India's digital-first food services sector, Curefoods ranks as the second-largest company by revenue as of Fiscal 2024. Its revenue from operations saw a remarkable increase from Rs 382.04 crore in Fiscal 2023 to Rs 745.8 crore in fiscal 2025, a compound annual growth rate (CAGR) of 39.72%. This growth trajectory underscores Curefoods' rapid expansion strategy and its ability to capture market share effectively.

Curefoods' portfolio features 10 key brands, including EatFit, CakeZone, and Nomad Pizza, each catering to a diverse range of consumer preferences and price points. These brands contribute significantly to the company's revenue, with a combined contribution of over 98% in Fiscal 2025. The company’s business model hinges on a multi-brand strategy, allowing it to reach a broad audience across various meal occasions. This approach has been instrumental in its success.

The company has a robust offline network comprising 281 cloud kitchens, 99 kiosks, 122 restaurants, and 13 warehouses spread across 502 service locations in more than 70 cities and towns in India. This extensive reach positions Curefoods advantageously in the competitive cloud kitchen market, enabling quick service and accessibility to a wide customer base.

Curefoods' online presence is strengthened through partnerships with leading food delivery platforms such as Swiggy and Eternal (formerly known as Zomato), alongside its proprietary website. This integration ensures seamless ordering and efficient supply chain management, supported by 13 strategically located warehouses. The synergy between online and offline operations is a key component of their strategy.

Significantly, Curefoods has ventured into international markets, launching Sharief Bhai in the United Arab Emirates in 2024. This move underlines the company’s ambition to extend its footprint beyond domestic borders, leveraging its established brand equity. The international expansion is a testament to its growth potential.

The selling shareholders include prominent investors and venture capital firms, with significant stakes being divested by Iron Pillar PCC, Crimson Winter Limited, and Chiratae Ventures, among others. These transactions are poised to reshape the ownership structure post-IPO, potentially influencing market dynamics.

Financially, Curefoods maintains a strong growth outlook, buoyed by its extensive service location footprint, which expanded from 277 locations in 2023 to 502 by 2025. The company’s trajectory of increasing order volumes from 11.38 million in Fiscal 2023 to 18.23 million in Fiscal 2025 reflects its accelerating market penetration.

The IPO is managed by JM Financial Ltd, IIFL Capital Services, and Nuvama Wealth Management Ltd, serving as the Book Running Lead Managers, while KFin Technologies Ltd is the registrar of the issue. Shares of the company shall be listed on both NSE and BSE Ltd.