Curefoods DRHP: Shareholding Pattern And Top Deck Decode

Days after converting into a public entity, cloud kitchen startup Curefoods filed draft red herring prospectus (DRHP) for its INR 800 Cr ($304 Mn) IPO with the markets regulator SEBI.

As per the DRHP, the company is planning to raise INR 800 Cr via fresh issue of shares. The IPO will also consist of an offer for sale (OFS) of up to 4.85 Cr equity shares by existing shareholders.  

Besides, the company is also looking to raise a pre-IPO round, which (if executed) will result in the reduction of the IPO size.

Several shareholders, including Iron Pillar PCC, Crimson Winter, Accel India V (Mauritius), Chiratae Ventures India Fund IV, Global eCommerce Consolidation Fund, Alteria Capital Fund and Curefit Healthcare will be offloading shares via the OFS route.

Curefoods DRHP also revealed the current shareholding structure. As per the capital pattern, Curefoods founder and chief executive officer Ankit Nagori holds the largest chunk of shares with an existing stake of 27.80%.

The second largest stake is owned by Binny Bansal-led 3STATE Ventures with 17.32% weightage in the company. The VC firm invested INR 240 Cr during a $37 Mn funding round in Curefoods back in 2023.

Accel India V (Mauritius) Limited holds 7.17% stake in the company with 2.28 Cr equity shares in the company.

Other notable shareholders include, Iron Pillar Fund II (5.90%), Crimson Winter Limited (4.08%), Iron Pillar PCC (4.06%), Sixteenth Street Asian Gems Fund (3.88%) among others.

Chiratae Ventures also holds a significant stake in the company through its separate funds. For instance, its Growth Fund accounts for 3.11% stake in the company, followed by its Ventures India Fund IV with 2.91% stake and Master Fund IV holding 2.21% stake in Curefoods.

Founded in 2020 by Nagori, Curefoods claims to run more than 7 food factories, and 150+ multi-brand cloud kitchens to service 200+ locations in 15 cities. The startup houses brands such as CakeZone, Kitchens of EatFit, Nomad Pizza, Frozen Bottle and Sharief Bhai, among others.

As per its DRHP, the company is facing multiple criminal and regulatory cases following inspections at its outlets in Delhi and Noida. Curefoods has received multiple notices from municipal and food safety authorities, alleging that the startup has serious lapses in hygiene, operations, and food safety at some of the outlets operated by the company.

Besides, the startup is willing to deploy the fresh funds in expansion and equipment, including INR 126.3 Cr for setting up new Krispy Kreme cloud kitchens, restaurants, kiosks, and central kitchens; INR 19.91 Cr for expanding certain existing cloud kitchens through brand additions, and INR 6.31 Cr for purchasing machinery and equipment. 

Additionally, the startup will use INR 126.93 Cr in payment of debt.

IPO To Set The Stage For Expansion

The cloud kitchen company plans to use INR 152.5 Cr of the proceeds from the fresh issue for expansion and equipment, including INR 126.3 Cr for setting up new Krispy Kreme cloud kitchens, restaurants, kiosks, and central kitchens; INR 19.9 Cr for expanding certain existing cloud kitchens through brand additions, and INR 6.3 Cr for purchasing machinery and equipment.

In addition, INR 126.9 Cr will be used for payment of debt, INR 40 Cr for lease payments for the company’s current properties in India and INR 14 Cr on sales and marketing efforts.

Also, the company plans to invest almost INR 92 Cr in its subsidiary, Fan Hospitality Services, another INR 11.4 Cr will be invested in Cakezone Foodtechs and INR 81.2 Cr will be used for acquiring further shareholding in three subsidiaries — Millet Express Foods, Munchbox Frozen Foods and Yum Plum.

On the financial front, Curefoods’ operating revenue surged 27.4% to INR 745.8 Cr in the year ended March 2025 from INR 585.2 Cr in FY24. Its net loss declined by a marginal 1.6% to INR 170 Cr in FY25 from INR 172.6 Cr a year ago.

It is to note that cofounder and chief executive Ankit Nagori said that Curefoods was targeting a revenue of INR 900 Cr in FY25 and expected to achieve EBITDA breakeven during the fiscal, in December last year.

Decoding The Leadership Deck

Board of Directors

Ankit Nagori 

Ankit Nagori founded Curefoods in 2020. Currently he is the promoter, managing director, chairman and CEO at the company. Prior to this, Nagori had 13 years of experience with notable companies including Groww, Flipkart, Cure.Fit and Resolute Ventures.

Gokul Kandhi Umayorubhagan 

Serving as the whole time director and chief operating officer (COO), Gokul Kandhi Umayorubhagan holds an engineering degree as well as an MBA degree from IIM Indore. Previously, he has worked with giants including Apple, PepsiCo, Wipro and Cure.Fit. 

Umayorubhagan is responsible for overseeing the supply chain, customer experience, cost optimization, and driving revenue growth in the company.

As an executive director, he received a remuneration of INR 2.8 Cr in FY25.

Anand Ramachandran Prasanna

Anand Ramachandran Prasanna Prasanna joined Curefoods board in 2021 as the non-executive nominee director. Notably he also serves as the managing partner for Iron Pillar, one of Curefoods investors. 

Prasanna also serves as the board member of FreshToHome,Servify and Skill-Lync.

Avani Vishal Davda

Avani Vishal Davda joined Curefoods as an independent director in 2023. She was featured in Fortune US’s annual global list of ‘40 under 40 leaders’ in 2013. 

Prior to joining Curefoods board, Davda also served as the independent director at Mahindra Logistics and chief executive officer at Tata Starbucks.

Davda is entitled to a remuneration of INR 30 Lakh per annum and INR 60K per meeting.

Mala Arun Todarwal 

Mala Arun Todarwal recently joined Curefoods board as an independent director in April 2025. She is a qualified chartered accountant and a member of of the Institute of Chartered Accountants of India. Currently, Todarwal is serving as a partner at Arun Todarwal & Associates LLP.

She is entitled to receive INR 20 Lakh per annum and a sitting fee of INR 60 K for every meeting in FY26.

Natrajan Ramkrishna

Natrajan Ramkrishna is also a recent addition to Curefoods board, handling the position of an independent director since the first quarter of FY26. He is also a chartered accountant with experience of working with S. R. Batliboi & Co. LLP as a partner; with Price Waterhouse LLP as a partner; RSM  & Co., Chartered Accountants as a partner; B S R & Co. LLP, Chartered Accountants as a partner and KPMG Assurance and Consulting Services LLP as a partner.

Similar to Davda, Ramkrishna is also entitled to a remuneration of INR 30 Lakh per annum and a sitting fee of INR 60K per meeting.

Key Managerial Personnel

Godavarti Sivarama Bhaskar

Godavarti Sivarama Bhaskar is the chief financial officer of the company. He joined Curefoods on October 1, 2021 and took over as the CFO on March 17, 2025.

Previously, Bhaskar has worked with Curefit Healthcare, GEP Solutions and Hero Motocorp.

He received a remuneration of INR 2.25 Cr from Curefoods, including perquisites, in fiscal year 2025.

Richa Sharma

Richa Sharma is the company secretary and compliance officer of Curefoods. She has been associated with the company since November 8, 2024 and took over as company secretary on March 17, this year.

Sharma is an associate of the Institute of Company Secretaries of India. Prior to joining Curefoods, she was associated with Zolostays Solutions. She received a remuneration of INR 4.8 Lakh from the startup in fiscal 2025.

Dilip Singh Verma 

Dilip Singh Verma is the chief development officer of the cloud kitchen company. He joined Curefoods on October 1, 2021 and has been serving the current role since February 18.

Prior to this, Verma has served in multiple roles at Curefit Healthcare, JMC Projects (India) and Moonshots Internet. He received an aggregate compensation of INR 2.07 Cr Curefoods, including perquisites, in FY25.

Shini Patel 

Shini Patel joined Curefoods on April 22, 2024 and has been serving as the chief business officer since February 18, 2025. 

Prior to joining the company, Patel was associated with Flipkart Internet. In FY25, he received a remuneration of INR 65.7 Lakh from the company, including perquisites.

Kshitij Budhani 

Kshitij Budhani is currently serving as the chief operating officer for ‘Olio Pizza’ of the startup. He has been associated with Curefoods since January 1, last year, and took over as COO on February 18, 2025.

Budhani previously worked with Arcesium India. He received a remuneration of INR 81.6 Lakh from the startup, including perquisites, in the last fiscal year.

Shashi Ranjan Singh

Shashi Ranjan Singh joined the company on September 18, 2024 and took over as the chief operating officer for the ‘Sharief Bhai’ segment of Curefoods on February 18 this year.

Prior to joining the company, he worked with Devyani International. In FY25, he received a remuneration of INR 25.8 Lakh from Curefoods.