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Bengaluru-based cloud kitchen startup Curefoods India Pvt Ltd has filed draft papers with the Securities and Exchange Board of India (SEBI) to raise capital through an initial public offering (IPO), marking a major milestone in its growth trajectory.
As per the draft red herring prospectus (DRHP), the IPO will consist of a fresh issue of equity shares worth up to Rs 800 crore, along with an offer-for-sale (OFS) of 4.85 crore equity shares by existing shareholders.
The OFS will see partial exits by a group of early and institutional investors, including Iron Pillar PCC, Crimson Winter, Accel India V (Mauritius), Chiratae Ventures India Fund IV, and Global eCommerce Consolidation Fund. Other selling shareholders include Alteria Capital Fund and Curefit Healthcare.
In addition, Curefoods may look to raise up to Rs 160 crore in a pre-IPO placement. Should this placement be completed, the size of the fresh issue will be reduced accordingly.
Founded by Ankit Nagori, a former top executive at Flipkart, Curefoods operates a portfolio of digital-first food brands using a cloud kitchen model. The startup has scaled rapidly across major cities, capitalising on the rising demand for online food delivery and convenience dining.
On a fully diluted basis, promoter Ankit Nagori will hold 27.80 per cent post-issue, making him the largest shareholder. 3State Ventures Pte, the investment firm owned by Flipkart co-founder Binny Bansal, will own 17.32 per cent. Other key shareholders include Iron Pillar with 13.53 per cent, Chiratae Ventures with 8.23 per cent, and Accel India V with 7.17 per cent.
The IPO proceeds from the fresh issue will be used to strengthen the company’s operations, expand its network, and support strategic initiatives.
Curefoods’ planned listing adds momentum to India’s foodtech and consumer internet IPO pipeline, which is seeing renewed investor interest in 2025.
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