IPO · Commerce & Consumer Brands

Curefoods prepares $400m IPO for next financial year

By Startup Enthusiast · 27 January 2025

What they do

Curefoods operates over 500 kitchens and stores across 40 cities with multiple food brands

The company plans an initial public offering sized at $300 to $400 million in the latter part of the new financial year

Revenue reached Rs 585 crore in FY24 while losses narrowed significantly compared to the previous fiscal year

Curefoods is preparing for an initial public offering by hiring investment banks and law firms.
The proposed offer size is between $300 million and $400 million depending on secondary share sales.
The IPO is likely to hit markets in the latter part of the new financial year after April 1.
Advisers are expected to be finalised within the next few weeks according to reports.
Existing investors include Accel, Iron Pillar, Chiratae Ventures, and Sixteenth Street Capital.
The company aims to raise funds as tech IPOs see a revival in the Indian market.
Peers like Lenskart and Groww are also targeting valuations around $1 billion this year.
Curefoods expects its annual revenue run-rate to reach around Rs 1,000 crore in FY25.

The Indian startup ecosystem is seeing a revival of technology initial public offerings in 2025.
Approximately 25 startups are currently targeting debuts in the public markets this year.

Curefoods operates a house-of-food-brands model using shared kitchen infrastructure.
It focuses on category depth rather than breadth to optimize operational efficiency.
Menu pricing and placement decisions are driven by data analytics for better outcomes.
High kitchen density allows the company to ensure fast delivery times for customers.
Brands include Eatfit, Sharief Bhai Biryani, OLIO, and Arambam among others.
It also operates franchises like Krispy Kreme and Nomad Pizza in various regions.
Sales channels include major platforms like Swiggy and Zomato alongside dedicated apps.
The company runs dine-in stores in addition to its cloud kitchen network.
It serves more than 10 cuisines across its diverse portfolio of food brands.

Accel (backer) — Global venture capital firm backing early-stage technology companies.
Iron Pillar (investor) — Venture capital firm focused on enterprise software and technology investments.
Chiratae Ventures (investor) — Indian venture capital firm investing in high-growth startups.
Sixteenth Street Capital (investor) — Growth equity firm investing in technology and media companies.
Three State Ventures (investor) — Venture capital firm supporting founders building transformative businesses.
Nordstar (investor) — Investment firm focusing on growth-stage technology companies.

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.