Cloud kitchen operator Curefoods has raised ₹160 crore ($18 million) in a pre-IPO placement from 3State Ventures, the investment arm of Flipkart co-founder Binny Bansal. The company allotted 1.28 crore equity shares at ₹124 per share as part of the transaction.
The funding comes ahead of Curefoods’ planned IPO, where the Bengaluru-based firm aims to raise ₹800 crore through a fresh issue along with an offer for sale (OFS) of 4.08 crore shares from existing investors including Iron Pillar, Chiratae Ventures, Crimson Winter, Accel, and Curefit Healthcare. Founder and CEO Ankit Nagori will not dilute his stake in the OFS.
As per its draft red herring prospectus filed in June, Curefoods will utilize the IPO proceeds to expand its cloud kitchen, restaurant, kiosk, and central kitchen network, repay debt, invest in subsidiary Fan Hospitality, and strengthen working capital. JM Financial, IIFL Capital, and Nuvama Wealth Management are acting as book-running lead managers.
Curefoods operates a multi-brand food portfolio across categories such as Indian meals, pizza, desserts, and healthy eating. Its brands include 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.
With over 500 service locations across 70+ cities and recent international expansion via Sharief Bhai in the UAE, Curefoods has emerged as one of India’s largest cloud kitchen operators. The fresh investment from 3State Ventures is expected to reduce the size of the upcoming IPO’s fresh issue, positioning the company strongly for its public market debut.
Curefoods’ pre-IPO boost signals investor confidence in India’s fast-evolving food-tech sector, where scalable brands and efficient kitchen networks are shaping the next phase of dining.
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