IPO · Commerce & Consumer Brands

Curefoods gets SEBI nod for ₹800 crore IPO

By Startup Enthusiast · 25 October 2025

What they do

Curefoods runs over 500 cloud kitchens across 70+ cities with brands like EatFit and CakeZone

SEBI cleared its IPO on 24 Oct 2025; the issue includes a fresh ₹800 crore and an OFS of 4.85 crore shares

The company turned profitable at operating level but still reports net losses; revenue grew 27.5% to ₹746 crore in FY2025

SEBI issued its observation on Curefoods' DRHP on 24 Oct 2025, clearing the company to launch its IPO.
Curefoods had filed its DRHP in June 2025.
The IPO comprises a fresh issue of ₹800 crore and an offer for sale (OFS) of up to 4.85 crore equity shares by existing shareholders.
A pre-IPO placement of up to ₹160 crore may proportionally reduce the fresh issue size.
Selling shareholders in the OFS include Accel, Chiratae Ventures, Nordstar Partners, Iron Pillar, Alteria Capital, and Curefit Healthcare.
In September 2025, Curefoods raised ₹160 crore ($18M) from 3State Ventures at ₹124 per share, valuing the company at ₹4,000 crore (~$450M).
An earlier round of $25M from 3State Ventures valued Curefoods at $375M.

Curefoods is the second-largest cloud kitchen firm in India by revenue, after Rebel Foods (Faasos, Behrouz Biryani).
Its revenue grew 27.5% YoY to ₹745.8 crore in FY2025, but it still posted a net loss of ~₹170 crore.
The company is highly dependent on food aggregators: 82.20% of FY2025 revenue came via Swiggy and Zomato.
Employee attrition was 111.73% in FY2025, reflecting high turnover in the cloud kitchen industry.

Curefoods is a Bengaluru-headquartered house of food brands operating over 500 cloud kitchens across 70+ cities in India.
Its brand portfolio includes EatFit, CakeZone, Frozen Bottle, Sharief Bhai, Nomad Pizza, Masalabox, Millet Express, OLIO, Arambam, and Krispy Kreme.
Curefoods is the franchisee for Krispy Kreme in several parts of India and acquired the Krispy Kreme brand in May 2025.
The company generates revenue primarily through online food delivery via aggregators like Swiggy and Zomato (82.20% of FY2025 revenue).
It had 5,641 permanent employees as of 31 March 2025.

IPO proceeds will be used for: ₹152.54 crore for new cloud kitchens, restaurants, kiosks, Krispy Kreme theatres, and machinery.
₹126.93 crore to repay borrowings, ₹40 crore for lease payments.
₹91.96 crore into Fan Hospitality (central kitchen and outlets), ₹11.35 crore into Cakezone Foodtech.
Over ₹90 crore for acquisitions of subsidiaries (₹79.84 crore for Munchbox), ₹2.5 crore deferred consideration under Jaika agreement, ₹14 crore sales and marketing.
General corporate purposes capped at 25% of gross proceeds (~₹200 crore); combined cap for general corporate plus inorganic growth at 35% (~₹280 crore).

3State Ventures (existing) — Invested ₹160 crore in pre-IPO round in Sep 2025; holds 17.32% stake.
Accel (existing) — Holds 7.17% stake; selling shareholder in OFS.
Chiratae Ventures (existing) — Holds ~8.23% stake across funds; selling shareholder in OFS.
Iron Pillar (existing) — Holds ~13.53% stake across entities; selling shareholder in OFS.
Nordstar Partners (existing) — Selling shareholder in OFS.
Alteria Capital (existing) — Selling shareholder in OFS.
Curefit Healthcare (existing) — Selling shareholder in OFS.

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.

MobiKwik consumer payments COO resigns on health grounds25 October 2025 · People