Cloud kitchen operator Curefoods has received approval from the Securities and Exchange Board of India (SEBI) to launch its ₹800 crore initial public offering (IPO). The move marks the company’s next step toward entering the public markets.
The IPO will include a fresh issue of ₹800 crore and an offer for sale (OFS) of 48.5 million shares from existing investors. The company plans to use the funds to open new kitchens, restaurants, and kiosks, make strategic acquisitions, reduce debt, and strengthen its Krispy Kreme business in India.
Founded in 2020 by Ankit Nagori, former co-founder of Curefit, Curefoods runs a multi-brand cloud kitchen network with over 500 kitchens across 70 cities. Its portfolio includes EatFit, CakeZone, Nomad Pizza, Sharief Bhai Biryani, and Frozen Bottle.
The Bengaluru-based company is currently India’s second-largest cloud kitchen operator by revenue, following Rebel Foods.
Before the IPO, Curefoods raised ₹160 crore ($18 million) in a pre-IPO round from 3State Ventures, the fund of Flipkart cofounder Binny Bansal, valuing the company at around ₹4,000 crore. Other investors include Accel, Chiratae Ventures, Nordstar Partners, Iron Pillar, Alteria Capital, and Curefit Healthcare.
With SEBI’s approval in place, Curefoods is now preparing for its market debut as it looks to expand its footprint and strengthen its position in India’s growing cloud kitchen and quick-service restaurant space.
