Exclusive: Curefoods Gears Up For IPO, Converts Into A Public Company

SUMMARY

The cloud kitchen startup received shareholders’ nod on April 26 to change its name to ‘Curefoods India Limited’ from ‘Curefoods India Private Limited’

Curefoods is also looking to raise INR 25 Cr debt funding from existing investor Alteria Capital

Curefoods is looking to go public this year, with plans to raise INR 1,400 Cr to INR 1,500 Cr via its IPO

Bengaluru-based cloud kitchen startup Curefoods has converted into a public company as it ramps up preparations for its initial public offering (IPO).

The Accel-backed startup received the nod of its shareholders on April 26, 2025 to convert to a public company and change its name to ‘Curefoods India Limited’ from ‘Curefoods India Private Limited’, as per its regulatory filings accessed by Inc42.

The move comes as the startup gears up for its public listing. As per reports, Curefoods is planning to tap the public markets by December 2025, with plans to raise INR 1,400 Cr to INR 1,500 Cr (around $165 Mn to $177 Mn) via its IPO. The issue will likely be a combination of fresh issue of shares and an offer for sale.

Curefoods declined to comment on Inc42’s queries on the name change, the timeline to file its draft red herring prospectus (DRHP) with SEBI, and the valuation it is targeting for the upcoming IPO.

The startup was last valued at INR 3,800 Cr (about $448 Mn).

Curefoods has also reportedly shortlisted JM Financial, IIFL and Nuvama as bankers for its IPO.

Several startups such as PhysicsWallah, Urban Company, BlueStone, Captain Fresh, Smartworks, Avanse Financial Services, among others, are looking to go public in 2025.

Curefoods To Raise INR 25 Cr Debt

Meanwhile, Curefoods is also raising INR 25 Cr debt from Alteria Capital. The company’s board passed a special resolution on April 2, 2025 to issue 2,500 Series D redeemable non-convertible debentures (NCDs) to raise the sum from Alteria Capital Fund II – Scheme 1, a separate regulatory filing showed.

Founded in 2020 by former Flipkart executive Ankit Nagori, Curefoods houses a variety of brands such as EaFit, Frozen Bottle, Cake Zone, Nomad Pizza, Sharief Bhai Biryani, among others.

It has been expanding its operations across India and has brought brands like Krispy Kreme and Olio Pizza into its fold. In January, it also made a strategic investment in packaged ice solutions provider Dras Ice.

Overall, it has more than 500 cloud kitchens and a presence across 40 cities across India.

The Bengaluru-based startup has raised over $191 Mn in total funding till date, according to Inc42 data. It last raised INR 200 Cr from Flipkart cofounder Binny Bansal’s Three State Ventures in March 2024.

Curefoods also counts Chiratae Ventures, Sixteenth Street Capital, Nordstar and Iron Pillar among its backers.

Its biggest competitor in the cloud kitchen market is Rebel Foods, which is also stitching up IPO plans.

On the financial front, Curefoods continues to be a loss-making entity. However, it managed to trim its net loss by 49.64% to INR 172.6 Cr in the financial year ended March 2024 (FY24) from INR 342.7 Cr in FY23, helped by an increase in revenue and improvement in margins. Its operating revenue zoomed 53.17% to INR 585.1 Cr in FY24 from INR 382 Cr in the previous fiscal year.

In December last year, CEO Nagori said that Curefoods was targeting a revenue of INR 900 Cr in FY25 and expected to achieve EBITDA breakeven during the fiscal.