Curefoods, a cloud kitchen startup founded in 2020 by former Flipkart executive Ankit Nagori, is preparing for an initial public offering (IPO). The company is in discussions with investment banks and legal firms to manage the IPO process. Curefoods aims to raise $300-400 million through the IPO, Moneycontrol reported, citing sources. The public offering is tentatively scheduled for the latter half of the fiscal year, commencing April 2025. The final size of the IPO will depend on the sale of secondary shares by current investors.
Curefoods operates over 500 cloud kitchens and offline stores across 40 Indian cities. It offers a range of cuisines. Curefoods has been expanding its business through acquisitions, including adding brands such as Frozen Bottle to its portfolio. Recently, it announced a deal to acquire Krispy Kreme operations in South and West India. Curefoods manages a portfolio of brands, including EatFit, CakeZone, Nomad Pizza, Sharief Bhai Biryani, and Frozen Bottle.
Curefoods has demonstrated significant financial growth, with its consolidated revenue reaching ₹585 crore in FY24, a 53% increase from the previous fiscal year, as per company’s filings with the ROC (Registrar of Companies). As per media reports, the company projects an annual revenue run-rate of approximately ₹1,000 crore by the end of FY25. Despite revenue gains, Curefoods reported a consolidated loss of ₹172.6 crore in FY24, an improvement from the ₹342.7 crore loss in the previous fiscal year. The company trimmed its net loss by 49.64% in FY24 from FY23. Operating revenue increased by 53.17% in FY24 from the previous fiscal year.
Curefoods has secured funding from several firms, including Accel, Iron Pillar, and Chiratae Ventures. In March of last year, the startup raised INR 300 Cr (approximately $36 million) from Flipkart co-founder Binny Bansal’s Three State Ventures, which included primary and secondary equity and debt.
Curefoods is among the startups planning to go public in 2025 amidst renewed investor interest in new-age tech stocks. At least 20 startups are expected to pursue public listings in 2025. Other companies considering IPOs in 2025 include Ather Energy, Fractal, ArisInfra, Ecom Express, Zepto, BlueStone, and Smartworks. Several other companies, including InMobi, Lenskart, Groww, Zetwerk, Of Business, and Pine Labs, are also preparing for mega IPOs.
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