Team Startupcity

• Bengaluru-based cloud kitchen startup Curefoods, led by ex-Flipkart exec Ankit Nagori, has filed DRHP with SEBI to raise Rs 800 crore through fresh equity and an offer-for-sale of 4.85 crore shares.
• Backed by Iron Pillar, Accel, and Binny Bansal’s Three State Ventures, the firm aims to use proceeds to expand cloud kitchens, Krispy Kreme outlets, and strengthen its brands like EatFit and CakeZone.
• With revenue rising from Rs 382 Cr to Rs 585 Cr YoY, Curefoods signals strong investor confidence and seeks to list by late 2025 amid rising public market interest in tech-driven food startups.

Curefoods, Bengaluru-headquartered cloud kitchen startup founded and headed by ex-Flipkart exec Ankit Nagori, has made a huge jump by filing its Draft Red Herring Prospectus (DRHP) with SEBI to make an initial public offering. Curefoods plans to raise Rs 800 crore via a mix of fresh equity (worth Rs800 crore) and an offer-for-sale of about 4.85 crore shares held by current investors. This submission represents Curefoods' official intent to reach India's public markets and reflects a strategic transition from private to public capital.

Existing shareholders Iron Pillar PCC, Crimson Winter, Accel India V, Chiratae Ventures, Global eCommerce Consolidation Fund, Alteria Capital, and Curefit Healthcare are showing support for the offer-for-sale, enabling them to partially exit by selling some of their stakes to public investors. Promoters Ankit Nagori and Binny Bansal's Three State Ventures will continue to be the largest shareholders after listing, with stakes of approximately 28 percent and 17 percent respectively.

Before the IPO, Curefoods can do a pre-IPO placement worth as much as Rs 160 crore, which if successful would diminish the size of the fresh equity issue accordingly. The company aims to use about Rs 152.5 crore from the fresh issue to finance expansion new cloud kitchens and Krispy Kreme outlets as well as facilities upgrade, machinery, and brand development.

Curefoods runs multiple brands EatFit, CakeZone, Nomad Pizza, Sharief Bhai Biryani, Yumlane, Aligarh House Biryani, Masalabox, and Frozen Bottle across over 100 kitchens and 200 stores in over 15 cities. It also expanded its reach through strategic buyouts such as Krispy Kreme (acquiring pan-India rights) and increased production capacity through several food factories. Its quick revenue momentum (from Rs 382 crore to Rs 585 crore year on year) and a constricting loss picture reflect improving operational performance.

While preparing its banking syndicate and negotiating with investment banks and legal firms as it positions itself for a late 2025 IPO, Curefoods became a public company on April 26, 2025. Previous estimates had indicated a far greater target Rs 1,400‑1,500 crore while the current Rs 800 crore filing is more pinpoint capital needs.

At large, Curefoods' DRHP filing is a mark of faith in its business model, investor support, and ambition to scale via public listing. It is also an indication of increasing investor appetite for asset-light, tech-enabled food startups, validating Curefoods' position as a leading player in India's fast-developing cloud kitchen ecosystem.