Funding · Commerce & Consumer Brands

Curefoods raises ₹160 crore pre-IPO from Binny Bansal's fund

By Startup Enthusiast · 26 September 2025

What they do

Curefoods runs cloud kitchens and owns brands like EatFit, Nomad Pizza, and CakeZone

It raised ₹160 crore in a pre-IPO placement from 3State Ventures, Binny Bansal's investment arm

The company filed for an IPO in June 2025 and aims to raise up to ₹800 crore via fresh shares

Curefoods raised ₹160 crore in a pre-IPO placement from 3State Ventures, Binny Bansal's investment arm.
The company allotted 1.28 crore equity shares at ₹124 per share.
The board approved the placement on September 10, 2025, and shareholders approved it on September 15, 2025.
This placement will be factored into the fresh issue sizing under SEBI ICDR norms.
Curefoods filed its DRHP (draft red herring prospectus, the preliminary document for an IPO) in June 2025.
The IPO includes a fresh issue of up to ₹800 crore and an offer for sale of 4.08 crore shares by existing shareholders.
Founder Ankit Nagori is not participating in the offer for sale and owns over 27% of the company.

3State Ventures is Curefoods' biggest backer, holding over 17% before this transaction.
The previous round was $25 million from 3State Ventures at a $375 million valuation.
Curefoods is among the top two cloud kitchen companies in India by service locations as of March 31, 2025.
It is the fastest-growing food services company in India by revenue from operations in Fiscal 2025.
It is the first Indian food services company (excluding marketplaces) to cross ₹7,500 million annual revenue within five years.

Curefoods is an internet-driven multi-brand food services company operating cloud kitchens (centralised kitchens that prepare food for delivery only).
It owns brands including EatFit, Nomad Pizza, CakeZone, Frozen Bottle, Sharief Bhai, Olio Pizza, Millet Express, Arambam, and Krispy Kreme.
It acquired the pan-India rights for Krispy Kreme recently.
Each brand targets a specific meal occasion such as health, biryani, pizza, dessert, or celebration.
The company uses a shared cloud kitchen infrastructure model for cost efficiency.
It is integrated with Swiggy and Zomato (Eternal Limited) for online orders, and also has its own website.
As of March 31, 2025, it served 502 locations across more than 70 cities and towns.
Its infrastructure includes 5 central kitchens, 281 cloud kitchens, 99 kiosks, 122 restaurants, and 13 warehouses.
Revenue grew from ₹3,820.42 million in FY23 to ₹7,457.96 million in FY25, a CAGR of 39.72%.

IPO proceeds will be used for expansion of cloud kitchens, kiosks, and restaurants.
₹152 crore of fresh capital is earmarked for new cloud kitchens, restaurants, kiosks, and central kitchens, with a bulk for Krispy Kreme.
₹127 crore will be used to repay debt.
Other uses include investment in Fan Hospitality, working capital, and general corporate purposes.

3State Ventures (lead) — Investment arm of Binny Bansal, co-founder of Flipkart.

Product: cloud kitchen firm
Customers: Consumers ordering prepared food through delivery and dining channels.
How it makes money: Sells branded food through its kitchen and delivery network.
What sets it apart: Portfolio across multiple popular food brands and formats.

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