Curefoods India, a big name in multi-brand cloud kitchens, has filed papers with SEBI to raise up to ₹800 crore through an IPO. This shows the D2C market in India is still growing.
Ankit Nagori started Curefoods in 2020. It runs cloud kitchens, restaurants, kiosks, and D2C channels. They own brands like EatFit, CakeZone, Nomad Pizza, Sharief Bhai Biryani, and just got the rights to Krispy Kreme in India.
The IPO will include new shares worth ₹800 crore and about 4.85 crore shares from current investors like Iron Pillar, Accel India, and Chiratae Ventures. Ankit Nagori isn’t selling his shares.
Curefoods is growing fast, with revenue around ₹745–750 crore in FY25, which is about 27% more than last year. But they still had a loss of about ₹170 crore. They have over 500 locations in 70+ cities, with 281 cloud kitchens, 122 restaurants, and 99 kiosks.
They plan to use the IPO money to open new Krispy Kreme locations (₹126 crore), expand some cloud kitchens (₹19.9 crore), buy equipment (₹6.3 crore), and pay off debt (₹126.9 crore). Some money will also go to marketing, rent, and buying stakes in other companies.
This IPO is happening as many D2C startups in India are expanding. For Curefoods, it could mean more money, better brand awareness, and a way for early investors to cash out.
Cloud kitchens have had some issues with profits, but Curefoods’ IPO shows investors believe in D2C food businesses. It also means D2C businesses in India are now focusing on profits, size, and brand building. But analysts say they need to execute well, especially with changing customer habits and tough competition.
Curefoods’ IPO is part of a larger trend of D2C brands raising money and building relationships with customers through digital channels and a good supply chain. As people want more convenient and varied brand experiences, food D2C brands like Curefoods are in a good position.
For those watching the D2C market in India, the Curefoods IPO means the next stage of growth will be about size, structure, and maturity. With new money and a better plan, Curefoods wants to become a successful D2C brand, from online orders and cloud kitchens to restaurants and kiosks, with the goal of being a public company.
