Curefoods is making waves by filing its Draft Red Herring Prospectus (DRHP) with SEBI, aiming to raise a whopping ₹800 crore through a fresh issue and an offer for sale (OFS) of 4.85 crore shares. This IPO is a big milestone for the Bengaluru-based cloud kitchen and D2C food brand as it looks to expand its digital-first food empire.
In the OFS, stakes will be diluted by investors like Iron Pillar (1.9 crore shares), Crimson Winter (97.6 lakh), Accel India (45.75 lakh), Chiratae Ventures (64.5 lakh), and Global eCommerce (35.24 lakh). Interestingly, founder and CEO Ankit Nagori has chosen not to participate in the OFS, which shows his commitment to the long-term vision of the company. He still holds a 27.8% stake, making him the largest individual shareholder.
Curefoods has attracted over $125 million in funding from investors such as 3 State Ventures (17.3%), Iron Pillar, and Accel. Its impressive brand lineup includes EatFit, CakeZone, Rolls on Wheels, Frozen Bottle, Krispy Kreme, and more, positioning it as one of the most diverse D2C players in India’s foodtech scene.
The fresh issue funds will be directed towards expanding cloud kitchens, paying off debts, managing lease obligations, and bolstering marketing and operational efforts. Curefoods is set to list on both the NSE and BSE, with JM Financial, IIFL Capital, Nuvama, and KFintech stepping in as lead managers.
On the financial front, the company reported ₹745.7 crore in revenue for FY25, marking a 27% year-on-year increase, while also managing to cut losses down to ₹170 crore. As a D2C player striving for profitability in a competitive landscape, Curefoods’ IPO will be a real test of investor interest in growth-focused models versus those that prioritize margins.