Curefoods, one of India’s fastest-growing cloud kitchen startups, has secured ₹160 crore in a pre-IPO funding round from 3State Ventures, the investment firm founded by Flipkart co-founder Binny Bansal. The funding comes as the company prepares for its upcoming initial public offering, aiming to raise ₹800 crore. This move reflects strong investor confidence in Curefoods’ business model and its ambitious growth plans in the food and cloud kitchen sector.
Understanding Pre-IPO Funding
Pre-IPO funding is a stage where investors purchase shares of a company before it becomes publicly listed on the stock exchange. For Curefoods, 3State Ventures acquired 1.28 crore equity shares at ₹124 per share in this round. This investment is deducted from the total IPO amount, meaning it helps the company raise capital early while building credibility with future public investors. Pre-IPO investments are often seen as a strong signal of a company’s potential, as they typically come from experienced investors who have thoroughly evaluated the business.
Curefoods: Growth and Expansion
Founded by Ankit Nagori, a former Flipkart executive, Curefoods has emerged as a leader in India’s cloud kitchen and food delivery market. The company operates an extensive network of cloud kitchens, restaurants, and kiosks under multiple brands including EatFit, CakeZone, Nomad Pizza, Frozen Bottle, Sharief Bhai, and Krispy Kreme. With over 500 operational locations in more than 70 cities across India, Curefoods has also ventured internationally, launching Sharief Bhai in the UAE last year. The company’s approach combines technology-driven food delivery with a diverse portfolio of brands, catering to different tastes and preferences while ensuring efficiency in operations.
Financial Performance
Curefoods has demonstrated strong financial growth alongside improving operational efficiency. The company reported a revenue of ₹745.8 crore for the fiscal year 2024–25, up from ₹585.1 crore the previous year, reflecting a significant year-on-year growth. Its losses narrowed slightly to ₹170 crore from ₹172.6 crore in FY24, showing that the company is gradually moving toward profitability. The upcoming IPO will include a mix of fresh shares and an offer-for-sale component, allowing early investors to sell 4.08 crore shares. These numbers indicate that Curefoods is steadily scaling up its business while maintaining financial discipline, making it an attractive proposition for public market investors.
What This Means for Investors
The pre-IPO investment by 3State Ventures highlights investor confidence in Curefoods’ growth trajectory and its strong presence in the food delivery sector. For future investors, this move signals that Curefoods has a scalable business model and is well-positioned to expand both domestically and internationally. The funding will enable the company to enhance its infrastructure, expand its cloud kitchen network, and strengthen brand offerings. While every investment carries risks, the backing of a seasoned investor like Binny Bansal provides additional assurance about the company’s potential. As Curefoods approaches its IPO, market observers will closely watch how it performs on the stock exchange and whether it can maintain its impressive growth momentum.