IPO · Commerce & Consumer Brands

Curefoods files DRHP for Rs 800 crore IPO to expand Krispy Kreme

By Startup Enthusiast · 29 June 2025

What they do

Curefoods operates cloud kitchens and owns brands like Sharief Bhai Biryani and EatFit

The company filed its draft prospectus for an Rs 800 crore fresh issue and share sale

Proceeds will fund Krispy Kreme expansion and debt repayment while it seeks profitability

Curefoods submitted its Draft Red Herring Prospectus to SEBI for an initial public offering.
The fresh issue size is set at Rs 800 crore to raise capital for growth plans.
Existing shareholders are selling approximately 48.5 million shares through an Offer for Sale.
Major sellers include Iron Pillar PCC, Crimson Winter Limited, and Accel India V.
Founder Ankit Nagori holds a significant stake but is not selling any shares in this transaction.
Book running lead managers include JM Financial Limited and IIFL Capital Services Limited.
The company aims to use funds for brand expansion and reducing its financial liabilities.

Curefoods is the second largest cloud kitchen firm in India by revenue.
It trails only Rebel Foods in the highly competitive Indian delivery market.
The sector faces sluggish growth with industry rates below 20% recently.
High dependence on aggregators like Swiggy and Zomato impacts profit margins significantly.

Curefoods operates as a house of food brands across more than 70 cities.
It runs 502 service locations including cloud kitchens and retail outlets as of March 2025.
Key brands include Sharief Bhai Biryani, EatFit, and Olio Pizza.
The company acquired pan-India rights for Krispy Kreme to expand its portfolio.
Revenue reached Rs 745.8 crore in FY25 with a 27% year-on-year growth.
Top ten brands contributed 98.35% of total revenue in the fiscal year.
Average order value improved to Rs 408 from Rs 335 in previous years.
82.2% of revenue comes via aggregator platforms charging commissions between 18-22%.
The company employs over 5,600 permanent staff to support its operations nationwide.

Iron Pillar PCC (seller) — Selling 18.9-19.1 million shares representing the largest block in the OFS.
Accel India V (Mauritius) (seller) — Selling approximately 4.58 million shares as part of the exit strategy.
Chiratae Ventures India Fund IV (seller) — Selling approximately 3.67 million shares in the current offer.
3State Ventures (existing) — Invested $25 million in March 2024; holding 17.32-18.9% stake without selling.

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.