Curefoods India Limited has received approval from the Securities and Exchange Board of India (SEBI) on October 24, 2025, to launch its Initial Public Offer (IPO). The approval remains valid for 12 months, allowing the company to proceed with the public issue based on market conditions and other necessary approvals.
The IPO will be a Book Build Issue consisting of a fresh issue of ₹800 crore and an offer for sale (OFS) of up to 4.85 crore equity shares. The equity shares are proposed to be listed on both the National Stock Exchange (NSE) and the Bombay Stock Exchange (BSE).
JM Financial Ltd. has been appointed as the book running lead manager for the issue, while Kfin Technologies Ltd. will act as the registrar. Key details such as the IPO opening and closing dates, price band, and lot size are yet to be announced.
Investors can refer to the Curefoods IPO Draft Red Herring Prospectus (DRHP) for further information about the company’s public offering and the details related to the issue structure.
Curefoods India IPO Objectives
The company plans to allocate the net proceeds from the issuance to the following purposes:
- To set up new cloud kitchens, restaurants, kiosks, and central kitchens under the Krispy Kreme brand and expand existing kitchens by adding new brands.
- To purchase new machinery and equipment to enhance operational efficiency.
- To repay or prepay certain existing borrowings, reducing the company’s debt burden.
- To fund lease payments for existing properties across India.
- To invest in Fan Hospitality Services Pvt. Ltd. for acquiring additional shareholding and setting up new kitchens and restaurants.
- To invest in Cakezone Foodtech Pvt. Ltd. for acquiring additional shareholding and supporting sales and marketing activities.
- To acquire additional stakes in subsidiaries such as Millet Express Foods Pvt. Ltd., Munchbox Frozen Foods Pvt. Ltd., and Yum Plum Pvt. Ltd.
- To pay deferred consideration related to the business transfer agreement with Jaika Hospitality Ventures Pvt. Ltd.
- To support sales and marketing initiatives to strengthen brand visibility.
- To fund inorganic growth through acquisitions, strategic initiatives, and for general corporate purposes.
About Curefoods India Limited
Curefoods India Limited is an internet-driven, multi-brand food services company offering a wide variety of cuisines tailored to diverse consumer preferences and dietary needs. As of March 31, 2025, it is the second-largest digital-first food services company in India, excluding food delivery marketplaces, in terms of revenue from operations for Fiscal 2024.
The company operates through a multi-channel network that includes cloud kitchens, restaurants, and kiosks across India. Its hub-and-spoke model connects central kitchens with various service locations, ensuring efficiency and consistent quality.
As of March 31, 2025, Curefoods operates 502 service locations across more than 70 cities and towns, supported by five central kitchens, 281 cloud kitchens, 99 kiosks, 122 restaurants, and 13 warehouses. The company’s brands are available through popular delivery platforms such as Swiggy and Zomato, along with its own direct-to-consumer channels.
Curefoods manages a portfolio of leading brands such as EatFit, Sharief Bhai, Arambam, Krispy Kreme, Nomad Pizza, and Cakezone. Its multi-brand strategy caters to a wide audience, offering everything from healthy meals to indulgent desserts.
The company integrates technology, data analytics, and AI-driven systems to streamline production, manage inventory, and enhance customer experience. With a strong focus on quality, hygiene, and innovation, Curefoods continues to strengthen its position as one of India’s fastest-growing food-tech and cloud kitchen companies.
Industry Outlook
- India’s food services market was valued at ₹6.60 trillion (US$77.65 billion) in 2024 and is projected to grow at a CAGR of 10–11%, reaching ₹12.00–12.60 trillion (US$141–148 billion) by 2030. The organised segment is expected to expand faster at 17–18% CAGR, capturing up to 70% of the total market share.
- The online food delivery segment, the fastest-growing category, is estimated to grow at 17–22% CAGR between 2024 and 2030, reaching a value of ₹1.94–2.50 trillion (US$22.85–29.36 billion).
- The organised dine-in market is also witnessing rapid growth, expected to expand at 13–17% CAGR to ₹4.92–6.06 trillion (US$57.85–71.27 billion) by 2030.
How To Apply for the Curefoods India IPO Online?
- Login to Your Angel One Account: Open the Angel One app or website and log in with your credentials.
- Locate the IPO Section: Navigate to the 'IPO' section on the platform.
- Select IPO: Find and select the Curefoods India IPO from the list of open IPOs.
- Enter the Lot Size: Specify the number of lots you want to bid for.
- Submit Your UPI ID: Enter your UPI ID to link your payment method and submit your application.
- Approve Funds: Once you receive the bid request on your UPI app, approve it by entering your UPI PIN.
How To Check the Allotment Status of Curefoods India IPO?
Steps to check IPO allotment status on Angel One’s app:
- Log in to the Angel One app.
- Go to the IPO Section and then to IPO Orders.
- Select the individual IPO that you had applied for and check the allotment status.
- Angel One will notify you of your IPO allotment status via push notification and email.
Contact Details of Curefoods India Limited
Registered office: No.72/4, Roopena Agrahara, Hosur Road, Madiwala Post, Bengaluru 560 068, Karnataka, India
Phone: +91 63647 08916
E-mail:secretarial@curefoods.in
Curefoods India IPO Reservation
| Investor Category | Shares Offered |
| QIB Shares | Not less than 75% of the Offer |
| Retail Shares | Not more than 10% of the Offer |
| NII Shares | Not more than 15% of the Offer. |
Curefoods India IPO Promoter Holding
Ankit Nagori is the promoter of the company.
| Share Holding Pre-Issue | 83.43% |
| Share Holding Post Issue | - |
Curefoods India Key Performance Indicators (KPIs)
| KPI | Values |
| ROE | -32.90% |
| ROCE | -20.45% |
| Debt/Equity | 0.38 |
| RoNW | -31.29% |
| PAT Margin | -22.79% |
| EBITDA Margin | -7.72% |
Curefoods India IPO Prospectus
Curefoods India IPO Registrar and Lead Managers
Curefoods India IPO Lead Managers
- JM Financial Limited
Registrar for Curefoods India IPO
Kfin Technologies Limited
- Contact Number: 04067162222, 04079611000
- Email Address: curefoods.ipo@kfintech.com
- Curefoods India IPO Registrar: https://ipostatus.kfintech.com/
Financial Performance of Curefoods India Limited
| Particulars | Year ending on March 31, 2025 | Year ending on March 31, 2024 | Year ending on March 31, 2023 |
| Revenue From Operations (in ₹ million) | 7,457.96 | 5,851.19 | 3,820.42 |
| Profit/loss After Tax (in ₹ million) | (1,699.68) | (1,726.10) | (3,427.32) |
| Net Worth (in ₹ million) | 5,101.73 | 4,546.94 | 5,551.02 |
| Cash and cash equivalents (in ₹ million) | 765.78 | 239.98 | 1,242.83 |
| Return on Equity (ROE) (%) | (32.90) | (32.26) | (70.48) |
| Return on Capital Employed (ROCE) (%) | (20.45) | (25.43) | (44.47) |
| EBITDA (in ₹ million) | (575.85) | (827.70) | (2,756.69) |
Curefoods India IPO Peer Comparison
| Company (FY2024) | Revenue from Operations (₹ million) | EBITDA Margin (%) | PAT Margin (%) | Return on Equity (ROE) (%) | Debt to Equity Ratio |
| Curefoods India Ltd. | 5,851.19 | -14.15 | -29.50 | -32.26 | 0.27 |
| Jubilant FoodWorks Ltd. | 56,540.88 | 20.22 | 7.08 | 18.70 | 0.61 |
| Devyani International Ltd. | 35,563.17 | 10.70 | -0.27 | -0.58 | 0.55 |
| Sapphire Foods India Ltd. | 25,942.79 | 18.18 | 2.00 | 4.10 | 0.02 |
| Westlife FoodWorld Ltd. | 23,918.11 | 15.81 | 2.89 | 11.90 | 0.38 |
Strengths and Opportunities of Curefoods India Limited
- Curefoods is India’s second-largest digital-first food business by service locations.
- Operations span 502 locations across 70 cities as of March 31, 2025.
- Orders increased to 18.23 million in FY25, reflecting strong customer demand.
- Diversified brand portfolio contributed over 98% of revenue in FY25.
- Olio Pizza revenue grew at a CAGR of 211.06% between FY23–FY25.
- Advanced technology and data-driven operations enhance delivery speed and efficiency.
- Expansion into the UAE marks Curefoods’ entry into international markets.
- Experienced leadership and strong institutional backing drive consistent business growth.
Risks and Threats of Curefoods India Limited
- Curefoods depends heavily on food aggregators, generating over 82% of revenue.
- Managing 10 key brands increases operational complexity and coordination challenges.
- Failure to launch successful new brands could affect future growth plans.
- Difficulties in acquiring or integrating new brands may impact financial performance.
- Rising raw material and packaging costs can affect profitability and margins.
- Any major downtime or kitchen disruption could harm revenue and operations.
- Changing consumer preferences and eating habits may reduce product demand.
- Lapses in food quality control could damage reputation and lead to penalties.
