Bengaluru-based cloud kitchen giant Curefoods is making headlines as it gears up for a major milestone- its Initial Public Offering (IPO) by the end of 2025. The company has officially converted into a public entity, setting the stage for its upcoming public listing.
Curefoods Becomes ‘Curefoods India Limited’
Curefoods, founded by ex-Flipkart executive Ankit Nagori in 2020, has received shareholder approval to transition from ‘Curefoods India Private Limited’ to ‘Curefoods India Limited’. This move, approved on April 26, 2025, is a crucial step towards its IPO ambitions.
IPO Plans: Raising Big, Targeting Growth
Curefoods is planning to raise between INR 1,400 Cr and INR 1,500 Cr (about $165 Mn to $177 Mn) through its IPO. The public issue will likely be a mix of fresh shares and an offer for sale. The company has shortlisted top investment banks to manage the IPO process.
The startup was last valued at INR 3,800 Cr (around $448 Mn), and the upcoming IPO is expected to further boost its market presence.
Debt Funding from Alteria Capital
In addition to its IPO plans, Curefoods is raising INR 25 Cr debt from Alteria Capital. The company will issue 2,500 Series D redeemable non-convertible debentures (NCDs) to secure this funding. This move highlights Curefoods’ strategy to strengthen its balance sheet ahead of the IPO.
Expanding Brand Portfolio and National Presence
Curefoods operates a wide range of popular food brands, including EaFit, Frozen Bottle, Cake Zone, Nomad Pizza, and Sharief Bhai Biryani. The company has also brought international names like Krispy Kreme and Olio Pizza under its umbrella. Recently, Curefoods made a strategic investment in a leading packaged ice solutions provider.
Today, Curefoods boasts over 500 cloud kitchens across 40 cities in India, making it one of the largest players in the Indian food delivery ecosystem.
Impressive Funding and Backers
Since its inception, Curefoods has raised over $191 Mn in funding. It secured a significant investment from a prominent venture fund in early 2024. The company’s investor list includes major venture capital firms and industry leaders.
Financial Performance: Losses Narrow, Revenue Soars
While Curefoods remains a loss-making entity, it has made significant progress. The company reduced its net loss by nearly 50% to INR 172.6 Cr in FY24, compared to INR 342.7 Cr in FY23. Its operating revenue jumped 53% to INR 585.1 Cr in FY24, up from INR 382 Cr the previous year.
CEO Ankit Nagori has set an ambitious target of INR 900 Cr in revenue for FY25 and expects the company to achieve EBITDA breakeven during the current fiscal.
Strong Competition and Future Outlook
Curefoods faces stiff competition from other major cloud kitchen players also planning IPOs. As more Indian startups prepare to go public in 2025, the market is heating up.