IPO · Commerce & Consumer Brands

Curefoods puts IPO on hold, eyes pre-IPO round

What they do

Curefoods runs over 500 cloud kitchens across 70 cities with brands like EatFit and Krispy Kreme

It shelved its ₹800 crore IPO after mutual funds rejected its ₹4,000 crore valuation and is now raising ₹160 crore pre-IPO from 3State Ventures

The delay reflects poor market sentiment for cloud kitchen stocks and investors demanding profitability and realistic pricing

Curefoods has put its IPO plans on hold after failing to get mutual funds to agree to its valuation.
The company had filed its DRHP (draft red herring prospectus, the preliminary IPO document) in June 2025 and received SEBI approval in October 2025.
It originally hoped to launch the IPO around Diwali 2025 but deferred it due to market conditions.
Roadshows conducted since the start of 2026 did not convince mutual funds to accept the ₹4,000 crore valuation.
The IPO was structured as a fresh issue of ₹800 crore plus an offer-for-sale (OFS, where existing shareholders sell their shares) by investors.
Earlier the company aimed to raise ₹1,400–1,500 crore through the fresh issue and OFS combined.
Now Curefoods is exploring a pre-IPO placement of ₹160 crore from 3State Ventures at ₹124 per share, which values the company at about ₹4,000 crore.
The pre-IPO round is seen as a bridge to keep the company funded while it waits for better IPO timing.

Public market investors are applying sharper filters on profitability, growth and pricing for consumer internet and food services companies.
The cloud kitchen sector has a poor outlook, making investors cautious about such businesses.
Curefoods’ losses narrowed only slightly: ₹170 crore in FY25 from ₹172 crore in FY24, while revenue grew 27% to ₹746 crore.
Mutual funds did not agree to the ₹4,000 crore valuation, forcing the company to delay the IPO.

Curefoods is a cloud kitchen platform and multi-brand food services company based in Bengaluru.
It operates a house of food brands model where each brand targets a specific meal occasion and shares common kitchen infrastructure.
Its brands include EatFit, Nomad Pizza, Sharief Bhai Biryani, CakeZone, Frozen Bottle, Krispy Kreme, Olio, Great Indian Khichdi, Millet Express, Chaat Street and Arambam.
The company runs over 500 kitchens across 70 cities (502 service locations as of March 2025).
It acquired pan-India rights for Krispy Kreme last year.
Brands are listed on Swiggy and Zomato; some also have dedicated apps and dine-in stores.
In FY25, Curefoods reported operating revenue of ₹746 crore and a loss of ₹170 crore.
Revenue grew from ₹635 crore in FY24 and ₹411.5 crore in FY23; losses narrowed from ₹172.6 crore in FY24 and ₹342.7 crore in FY23.

Curefoods plans to use the IPO proceeds for expansion (including Krispy Kreme), debt repayment and working capital.
Of the fresh issue, ₹152 crore is earmarked for expansion and ₹127 crore for debt repayment.
The company will wait for better market conditions before reviving the IPO.

3State Ventures (lead) — Largest institutional backer of Curefoods, held over 17% before the pre-IPO placement.
Accel (seller) — Selling investor in the OFS (offer-for-sale) part of the IPO.
Chiratae Ventures (seller) — Selling investor in the OFS.
Nordstar Partners (seller) — Selling investor in the OFS.
Iron Pillar (seller) — Selling investor in the OFS.
Alteria Capital (seller) — Selling investor in the OFS.
Curefit Healthcare (seller) — Selling investor in the 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.