Curefoods Prepares For 1,400 Cr to 1,500 Cr IPO, Turns Public Company

Cloud Kitchen Startup Curefoods Prepares For 1,400 Cr to 1,500 Cr IPO

SA TeamMay 13, 2025

Post Views: 120

Three points you will get to know in this article:

On April 26, the cloud kitchen startup got approval from its shareholders to change its name from ‘Curefoods India Private Limited’ to ‘Curefoods India Limited’.
Curefoods is seeking to secure debt funding of INR 25 Cr from its current investor, Alteria Capital.
This year, Curefoods aims to launch an IPO to raise between INR 1,400 crore and INR 1,500 crore.

Curefoods Transitions to Public Company Ahead of IPO

Curefoods, a cloud kitchen startup based in Bengaluru, has transitioned into a public company as it intensifies preparations for its initial public offering (IPO).

As per its regulatory filings accessed by media, the startup backed by Accel received approval from its shareholders on April 26, 2025, to convert into a public company and change its name from ‘Curefoods India Private Limited’ to ‘Curefoods India Limited’.

The action is part of the startup’s preparations for its public listing. According to reports, Curefoods aims to enter the public markets by December 2025 and plans to raise between INR 1,400 Cr and INR 1,500 Cr (approximately $165 Mn to $177 Mn) through its IPO. The matter will probably involve a mix of issuing new shares and an offer for sale.

Curefoods did not provide a comment regarding media’s inquiries about the name change, the schedule for submitting its draft red herring prospectus (DRHP) to SEBI, and the valuation it aims for in the forthcoming IPO.

The most recent valuation of the startup was INR 3,800 Cr (approximately $448 Mn).

It has also been reported that Curefoods has shortlisted JM Financial, IIFL, and Nuvama as bankers for its IPO.

Various startups, including PhysicsWallah, Urban Company, BlueStone, Captain Fresh, Smartworks, and Avanse Financial Services, are aiming to go public in 2025.

Debt Funding Secured from Alteria Capital

At the same time, Curefoods is obtaining a debt of INR 25 Cr from Alteria Capital. A separate regulatory filing revealed that the company’s board adopted a special resolution on April 2, 2025, to issue 2,500 Series D redeemable non-convertible debentures (NCDs) in order to raise funds from Alteria Capital Fund II – Scheme 1.

Curefoods, established in 2020 by ex‑Flipkart executive Ankit Nagori, includes a range of brands like EaFit, Frozen Bottle, Cake Zone, Nomad Pizza, and Sharief Bhai Biryani.

It has been broadening its operations throughout India and has incorporated brands such as Krispy Kreme and Olio Pizza. In January, it also made a strategic investment in Dras Ice, a provider of packaged ice solutions.

It operates over 500 cloud kitchens and is present in 40 cities throughout India.

Expansion, Investments, and Financial Performance

According to media data, the startup based in Bengaluru has secured a total of over $191 million in funding to date. Its most recent funding round was in March 2024, when it secured ₹200 crore from Three State Ventures, which is co-founded by Flipkart’s co-founder Binny Bansal.

Curefoods’ investors include Chiratae Ventures, Sixteenth Street Capital, Nordstar, and Iron Pillar.

Its main rival in the cloud kitchen industry is Rebel Foods, which is also preparing for an IPO.

Curefoods remains an unprofitable entity financially. It was able to reduce its net loss by 49.64% to INR 172.6 Cr in the financial year ending March 2024 (FY24), down from INR 342.7 Cr in FY23, aided by revenue growth and margin enhancement. In FY24, its operating revenue skyrocketed by 53.17%, reaching INR 585.1 Cr, compared to INR 382 Cr in the prior fiscal year.

Last December, CEO Nagori announced that Curefoods aimed for a revenue of INR 900 Cr in FY25 and anticipated reaching EBITDA breakeven during the fiscal year.