In a signal of confidence from seasoned investors, cloud kitchen operator Curefoods has raised ₹160 crore in its pre-IPO round from 3State Ventures,
In a signal of confidence from seasoned investors, cloud kitchen operator Curefoods has raised ₹160 crore in its pre-IPO round from 3State Ventures, the investment firm of Flipkart co-founder Binny Bansal. Curefoods allotted 1.28 crore shares to 3State Ventures at a price of ₹124 per equity share. This infusion comes ahead of a planned public issue and reflects strong belief in the company’s growth trajectory and positioning in India’s fast-evolving food services space.
Earlier in June 2025 Curefoods filed its Draft Red Herring Prospectus with the Securities and Exchange Board of India seeking to raise approximately ₹800 crore through a fresh issue of equity. Alongside the fresh issue, existing shareholders are expected to offload part of their stake through an Offer for Sale, which includes investors such as Accel, Chiratae Ventures, Iron Pillar, Alteria Capital and others. The capital raised will be deployed towards expanding its cloud kitchens, restaurants, kiosks and building supporting infrastructure, as well as repayment of certain borrowings and related corporate uses.
Founded by Ankit Nagori, Curefoods has built a multi-brand food services platform that includes names such as EatFit, CakeZone, Nomad Pizza, Sharief Bhai Biryani, Frozen Bottle, Olio Pizza and has acquired rights to operate Krispy Kreme in India. As of March 31, 2025, the company had scaled to some 502 service locations across more than 70 cities. Its footprint includes 281 cloud kitchens, 122 restaurants, 99 kiosks, five central kitchens and 13 warehouses. During fiscal year 2025 Curefoods reported revenue from operations around ₹746 crore, growing from about ₹585 crore in the prior year, with losses narrowing only marginally.
The pre-IPO capital from 3State is expected to be folded into the fresh issue sizing under SEBI’s issue of capital regulations. This investment strengthens Curefoods’ balance sheet as it readies itself for the market and seeks to deepen its operations in existing cities while expanding into Tier II and other underserved markets. The company has also expressed intent to scale new cities, increase brand density locally, add more kitchen capacity, improve supply chain infrastructure, and invest in its subsidiary Fan Hospitality for rapid operational growth.
This development demonstrates that appetite remains alive for exit or near-exit stage investments in India’s food and cloud kitchen sectors. Investors continue to recognise the potential in brands with scale, strong unit economics and multi-brand, asset-light or blended models. Curefoods’ pre-IPO funding raises expectations of how the IPO market may respond given current macroeconomic conditions, especially in light of wider industry concerns about growth moderation in food delivery and consumer sentiment.
As Curefoods moves closer to its IPO, stakeholders will be watching closely how the company leverages this fresh capital, how operational efficiency improves, how it manages competition in the food services space, and whether it can deliver on both growth and path to profitability.
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