Curefoods' IPO filing decoded: the June 2025 DRHP, page by page

Curefoods India Limited describes itself as an internet-driven, multi-brand food services company based in Bengaluru (page 23). It sells food under its own and acquired brands through cloud kitchens (kitchens that cook only for delivery), kiosks and restaurants. It was incorporated on 10 October 2020 and became a public limited company on 23 June 2025 (cover, PDF page 4). Its promoter is Ankit Nagori (page 23).

On 31 March 2025 it ran 502 service locations in more than 70 cities and towns: 281 cloud kitchens, 99 kiosks and 122 restaurants, which add up to 502; the filing lists five central kitchens and 13 warehouses separately (page 252). The filing names ten key brands, among them EatFit, CakeZone, Nomad Pizza, Sharief Bhai Biryani, Olio Pizza, Frozen Bottle, Millet Express and Krispy Kreme (pages 144 and 251).

• Filing: a Draft Red Herring Prospectus dated 28 June 2025. Page numbers are the printed ones (see Sources).
• Fresh issue: new shares aggregating up to ₹800 crore (₹8,000 million) (cover, PDF page 4, and page 23).
• Offer for sale: up to 48,537,599 existing shares sold by 11 named selling shareholders (Iron Pillar PCC sells through two cells, and one seller is an individual) (cover, PDF page 4). The rupee value is blank because there is no price yet (page 23). The promoter sells nothing (page 25).
• Pre-IPO placement: the company may raise up to ₹160 crore (₹1,600 million) privately before the IPO, capped at 20% of the fresh issue (pages 23 and 25).
• Route and listing: Regulation 6(2) of SEBI's ICDR regulations, used because the company does not meet the conditions in Regulation 6(1)(a) and (b); BSE and NSE are the proposed exchanges (cover, PDF pages 1 and 2).

All figures are the restated consolidated numbers in the filing. A fiscal year runs April to March, so FY25 is April 2024 to March 2025. The filing gives rupees in millions; ₹10 million is ₹1 crore, so the crore figures are StopDown's conversion.

• FY25: revenue from operations ₹7,457.96 million (₹745.8 crore), total income ₹7,754.89 million (₹775.5 crore), loss for the year ₹1,699.68 million (₹170.0 crore) (page 26).
• FY24: revenue ₹5,851.19 million (₹585.1 crore), total income ₹6,350.90 million (₹635.1 crore), loss ₹1,726.10 million (₹172.6 crore) (page 26).
• FY23: revenue ₹3,820.42 million (₹382.0 crore), total income ₹4,115.52 million (₹411.6 crore), loss ₹3,427.32 million (₹342.7 crore) (page 26).
• Growth: revenue rose 27.46% in FY25 and 53.16% in FY24 (page 44).
• Adjusted EBITDA, a profit measure the company defines itself, was a loss of ₹753.83 million in FY25, ₹787.09 million in FY24 and ₹2,089.81 million in FY23 (page 202).
• Not in the filing: Entrackr reported on 18 September 2026 that FY26 (April 2025 to March 2026) revenue was about ₹916 crore, with a loss of about ₹192 crore.

These are the objects of the fresh issue in the filing, in millions with StopDown's crore conversion. The remainder is blank until the price is set (page 24).

• New Krispy Kreme outlets and central kitchens, brand additions to existing cloud kitchens, and machinery: ₹1,525.35 million (about ₹152.5 crore).
• Repaying or pre-paying some borrowings: ₹1,269.25 million (about ₹126.9 crore).
• Lease payments on existing properties: ₹400 million (₹40 crore).
• Investment in subsidiary Fan Hospitality Services: ₹919.61 million (about ₹92.0 crore); in subsidiary Cakezone Foodtech: ₹113.47 million (about ₹11.3 crore).
• Buying more shares in subsidiaries Millet Express (₹3.86 million), Munchbox Frozen Foods (₹798.39 million, about ₹79.8 crore) and Yum Plum (₹9.25 million).
• Unidentified acquisitions and general corporate purposes: amount blank, capped at 35% of the fresh issue, of which general corporate purposes can be at most 25% (page 24).

The table is dated the filing date, 28 June 2025. Percentages are fully diluted: they count convertible preference shares and vested options as shares. The company had 18 holders of equity shares and 59 holders of preference shares (page 125).

• Ankit Nagori, promoter, chairman, managing director and chief executive: 27.80% fully diluted, or 77.53% of equity shares alone (pages 25 and 125).
• 3State Ventures: 17.32%, not a seller (page 125).
• Selling investors: Accel India V 7.17%, Crimson Winter 4.08%, Iron Pillar PCC Cell C 4.06%, Chiratae Ventures India Fund IV 2.91%, Chiratae Ventures Master Fund IV 2.21%, Iron Pillar PCC Cell E 1.92%, Global eCommerce Consolidation Fund 1.65%, Zephyr Peacock 1.05% (page 25).
• Other large holders: Iron Pillar Fund II 5.90%, Sixteenth Street Asian Gems Fund 3.88%, Chiratae Growth Fund I 3.11%, and the Curefoods India Welfare Trust, the employee share trust, 2.22% (page 125).

• Dependence on delivery apps: delivery channels, sold through food aggregators such as Swiggy and Eternal (Zomato), brought 82.20% of FY25 revenue, and the company pays 18% to 22% of net value as commission (risk factor 1, page 36).
• Continuing losses: the FY25 loss was ₹170.0 crore, which the filing puts mainly on advertising, sales promotion, acquisitions and new outlets (risk factor 9, page 42).
• Legal proceedings: four criminal matters are listed against the promoter, three of them first information reports of 2019 about the Cult.fit and BookYourGym businesses, and the fourth a February 2025 court notice; one was called civil in nature, one dismissed on settlement, one pending until a final charge sheet (risk factor 19, pages 46, 475, 477 and 478).
• Late regulatory filings: delayed reporting of downstream investments to the RBI cost a late fee of ₹0.14 million, and some old filing challans cannot be traced (risk factor 33, page 54).
• High staff turnover: attrition among permanent employees was 111.73% in FY25, 127.69% in FY24 and 116.59% in FY23 (risk factor 35, page 54).

A DRHP is a draft. SEBI issues observations; for Curefoods these came on 24 October 2025 (Economic Times, 25 October 2025). The company then files a Red Herring Prospectus (RHP), announces a price band, usually runs an anchor book for large investors a day before opening, and keeps bidding open for about three working days, with listing a few days later. These timings are typical as of November 2026 and vary by issue. The DRHP states no price band (cover, PDF page 4, and page 23).

Where Curefoods stands: paused, and unclear, not live. Entrackr reported on 8 June 2026, citing the Economic Times, that the company had put its IPO on hold amid volatile markets. SEBI's observations are generally described as usable for about twelve months, which would point to October 2026, but StopDown could not confirm from a SEBI source whether the approval has lapsed. A StopDown card of 12 September 2026 says Curefoods files for an IPO of ₹800 crore. It matches the June 2025 filing, four searches found no refiled DRHP, and the Business Standard page it cites could not be opened, so treat it as unverified. No RHP, dates or price band had been reported as of 14 November 2026. The explainers linked below cover each step.

• Filing: Curefoods India Limited, Draft Red Herring Prospectus dated 28 June 2025 (PDF copy of July 2025 held by StopDown; the download URL was not recorded). Page numbers are the ones printed at the foot of the body pages, starting at 1 in Section I; the PDF sheet number is the printed number plus 6 (checked on printed pages 23, 125 and 477). Cover pages are cited as cover or PDF page.
• Status: Entrackr, 8 June 2026, entrackr.com
• SEBI observations: The Economic Times, 25 October 2025, economictimes.indiatimes.com
• FY26 results: Entrackr, 18 September 2026, entrackr.com