Upcoming IPO: Cloud Kitchen Operator Curefoods Secures SEBI Nod for ₹800 Crore IPO

Cloud kitchen operator Curefoods, the parent company behind EatFit, CakeZone, and Krispy Kreme, has received approval from capital markets regulator SEBI to launch its ₹800 crore initial public offering (IPO), as per news reports

The proposed IPO will consist of a fresh issue of shares along with an offer-for-sale (OFS) of up to 4.85 crore equity shares, allowing several early investors to partially or fully divest their holdings. Notably, founder and CEO Ankit Nagori will retain his stake and not participate in the share sale.

Key Investors Offloading Stakes

Among the investors set to trim their holdings are Iron Pillar, Crimson Winter, Accel, Chiratae Ventures, and Curefit Healthcare, the latter co-founded by Mukesh Bansal and Ankit Nagori.

As previously reported by Moneycontrol, Iron Pillar PCC will be the largest seller, offloading 1.91 crore shares, nearly double Crimson Winter’s 97.6 lakh shares, and significantly more than Accel’s 45.7 lakh and Chiratae’s 36.6 lakh shares. Curefit Healthcare will exit a smaller tranche of 12.8 lakh shares.

Based on the weighted average acquisition price, Iron Pillar is expected to realise an exit value approximately 2.6 times higher than that of Accel and Chiratae, making it the biggest beneficiary of the public issue.

Planned Utilisation of IPO Proceeds

Out of the ₹800 crore primary issuance, Curefoods intends to allocate ₹152.5 crore towards setting up new cloud kitchens and strengthening its operational infrastructure. Another ₹126.9 crore will be used for repayment or prepayment of existing borrowings.

Additionally, ₹92 crore will be infused into its wholly owned subsidiary Fan Hospitality, which oversees kitchen infrastructure and operations. The company also plans to use ₹40 crore for lease deposits and ₹14 crore for marketing and brand-building initiatives.

Curefoods retains the flexibility to raise ₹160 crore through a pre-IPO placement, which would proportionally reduce the fresh issue size.

Also Read: Lenskart Solutions Set to Launch ₹7,278 Crore IPO on October 31: What You Need to Know

Financial Performance Snapshot

Curefoods has demonstrated strong top-line growth, with revenues nearly doubling from ₹382 crore in FY23 to ₹746 crore in FY25. Despite this growth, the company remains loss-making, posting a net loss of ₹170 crore in FY25, almost unchanged year-on-year. Encouragingly, EBITDA losses have narrowed sharply from ₹276 crore in FY24 to ₹58 crore in FY25, reflecting operational efficiencies and cost optimisation.

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