Indian cloud kitchen firm Curefoods gets SEBI nod for $91m IPO
- ByStartupStory | October 28, 2025
Curefoods India, one of India’s fastest-growing cloud kitchen operators and parent company to popular brands like EatFit, CakeZone, and Krispy Kreme, has received approval from the Securities and Exchange Board of India (SEBI) to launch its initial public offering (IPO). The green light from SEBI marks a significant milestone for the Bengaluru-based firm as it prepares to enter the public markets with plans to raise approximately ₹800 crore (around $91 million).
IPO Structure and Investor Participation
The proposed IPO consists of a fresh issue of equity shares worth ₹800 crore alongside an offer-for-sale (OFS) of up to approximately 4.85 crore shares from existing investors looking to partially exit. Notable investors participating in the OFS include Iron Pillar, Crimson Winter, Accel India, Chiratae Ventures, and Curefit Healthcare—a company co-founded by Mukesh Bansal and Curefoods founder Ankit Nagori.
Promoter and CEO Ankit Nagori has confirmed that he will not be participating in the offer-for-sale, signalling strong promoter confidence in the firm’s growth prospects.
Use of Proceeds
Curefoods plans to deploy the fresh capital primarily to expand its cloud kitchen network across India, including new kitchens, restaurants, kiosks, and central production units. A portion of the proceeds will also be used for repayment or prepayment of existing borrowings, investment in subsidiaries such as Fan Hospitality Services, marketing initiatives, lease deposits, and general corporate purposes.
The company currently operates more than 500 cloud kitchens across numerous cities spanning South India, with plans to deepen its presence in Northern and Western India—markets burgeoning with demand for efficient food delivery services.
Market Position and Growth
Curefoods is recognized as a leading player in India’s evolving food-tech sector, especially known for multi-brand cloud kitchen operations catering to diverse consumer tastes. The firm reported operating revenue growth of 27.4% year-on-year for fiscal 2024-25 to ₹745.8 crore, though it reported a net loss of INR 169.9 crore, a marginal improvement from the previous fiscal year.
Cloud kitchens continue to disrupt India’s traditional food service industry by providing leaner capital structures, centralized operations, and superior technology-driven delivery efficiencies. Curefoods aims to capitalize on these trends, confidently scaling its footprint through the infusion of fresh public funds.
Competitive Landscape
The IPO announcement comes amid increasing investor interest in food delivery startups and cloud kitchen chains, with several firms like Rebel Foods also eyeing public market listings soon. Curefoods’ success in securing SEBI approval underscores its robust fundamentals and attractive market positioning.
Outlook
With institutional interest running high in India’s food tech and cloud kitchen segment, Curefoods’ IPO is expected to attract strong retail and anchor investor demand. The listing will not only provide liquidity to early backers but also bolster the company’s long-term strategic initiatives in technology, brand building, and market expansion.
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