Curefoods India raises Rs 160 crore in pre-IPO placement from 3State Ventures

Curefoods India, a prominent internet-driven multi-brand food services company, has raised Rs 160 crore (Rs 159,49,99,972) in a pre-IPO placement. The company allotted 1.28 crore equity shares at Rs 124 per share to 3State Ventures Pte. Ltd. This transaction was approved by the Board on 10 September 2025 and by shareholders on 15 September 2025. The placement will be integrated into the sizing of the fresh issue as per SEBI ICDR regulations.

The pre-IPO round precedes Curefoods’ initial public offering, for which the company filed its Draft Red Herring Prospectus (DRHP) in June 2025. The IPO is expected to include a fresh issue of up to Rs 800 crore and an Offer for Sale (OFS) of 4.08 crore equity shares by existing shareholders. Notably, promoter Ankit Nagori will not participate in the OFS segment. JM Financial Limited, IIFL Capital Services Limited, and Nuvama Wealth Management Limited are acting as Book Running Lead Managers for the issue.

Curefoods intends to utilise the net proceeds from the fresh issue to support its operational expansion and financial flexibility. "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."

Founded and promoted by Ankit Nagori, Curefoods has grown to become one of the largest cloud kitchen operators in India. Its diversified portfolio consists of popular brands such as EatFit, Nomad Pizza, CakeZone, Frozen Bottle, and Sharief Bhai, with additional brand tie-ups like Krispy Kreme. The company leverages technology, standardised operations, and a multi-brand approach to cater to India's rising demand for quality and convenient food delivery.

Based on the RedSeer Report, Curefoods ranked among the top two leading cloud kitchen companies in India by service locations as of 31 March 2025. The company is the fastest-growing food services business in the country by revenue from operations in Fiscal 2025, and it is the first Indian food services company (excluding marketplaces) to surpass annual revenues of Rs 7,500 million within five years of operation.

Curefoods’ network, as of 31 March 2025, included 502 service locations spanning more than 70 cities and towns. Its offline infrastructure comprises five central kitchens, 281 cloud kitchens, 99 kiosks, 122 restaurants, and 13 warehouses, all positioned strategically for maximum accessibility and operational efficiency.

Curefoods has optimised its online ordering experience through integration with leading food delivery platforms such as Swiggy and Eternal (formerly Zomat), as well as its proprietary ordering website. Its dedicated supply chain infrastructure, featuring 13 warehouses, supports efficient resource allocation and timely ingredient delivery to its kitchen network.

The IPO’s final structure will reflect the impact of the pre-IPO placement, as required by regulatory norms. Market participants are closely monitoring further disclosures regarding IPO dates, price band, lot size, and subscription details, which will be shared upon regulatory approval and official announcement.