Indian cloud kitchen firm Curefoods gets SEBI nod for $91m IPO

Cloud Kitchen IPO Receives Regulatory Approval

• October 28, 2025

Curefoods India, a leading cloud kitchen company housing popular brands including EatFit, CakeZone, and Krispy Kreme, has secured clearance from India’s securities regulator (SEBI) for its planned initial public offering. This approval signifies an important juncture for the Bengaluru-headquartered company as it aims to raise ₹800 crore (~$91 million) through public markets.

IPO Composition

The public offering comprises two components: a new share issuance worth ₹800 crore and a secondary sale of up to 48.5 million shares by current investors. Notable participants in the share sale include Iron Pillar, Crimson Winter, Accel India, Chiratae Ventures, and Curefit Healthcare – jointly established by Mukesh Bansal and Curefoods founder Ankit Nagori. CEO Nagori will retain his holdings, demonstrating faith in the company’s trajectory.

Capital Allocation Strategy

Proceeds will primarily finance expansion of the company’s cloud kitchen infrastructure nationwide, encompassing new facilities, kiosks, and production hubs. Additional funds will address debt obligations, support subsidiary operations like Fan Hospitality Services, enhance marketing efforts, secure operational leases, and fulfill corporate requirements.

With over 500 operational kitchens concentrated in Southern India, the company intends to strengthen its footprint in Northern and Western regions experiencing surging demand for delivery-focused food services.

Sector Leadership and Performance

Positioned as a frontrunner in India’s food technology landscape, Curefoods specializes in multi-brand culinary operations targeting varied consumer preferences. Annual operational revenue grew 27.4% to ₹745.8 crore for FY2024-25, though net losses stood at ₹169.9 crore – showing slight improvement from prior periods.

The cloud kitchen model continues transforming India’s food industry through capital-efficient structures, centralized management, and technology-enhanced delivery systems. Curefoods seeks to leverage these advantages for accelerated growth following the public listing.

Competitive Environment

This development occurs amidst rising investor enthusiasm for food delivery ventures, with competitors like Rebel Foods reportedly considering similar market debuts. SEBI’s endorsement reflects Curefoods’ operational strength and competitive positioning within this dynamic sector.

Market Prospects

Given heightened institutional interest in food technology, the IPO is anticipated to draw substantial investor attention. Beyond providing exits for early supporters, the listing will enable strategic investments in technology infrastructure, brand development, and geographical growth initiatives.