Curefoods Bags INR 160 Cr From Binny Bansal’s 3State Ventures

SUMMARY

Curefoods has raised INR 160 Cr (around $18 Mn) in pre-IPO placement from Flipkart cofounder Binny Bansal’s 3State Ventures

The IPO-bound company’s board and shareholders approved an allotment of 1.28 Cr equity shares at INR 124 per share

In June, Curefoods filed the DRHP for its IPO, comprising a fresh issue of shares worth up to INR 800 Cr ($304 Mn) and an OFS of up to 4.85 Cr equity shares

Cloud kitchen company Curefoods has raised INR 160 Cr (around $18 Mn) in pre-IPO placement from Flipkart cofounder Binny Bansal’s 3State Ventures.

In a statement, the IPO-bound company said that its board and shareholders approved an allotment of 1.28 Cr equity shares at INR 124 per share to 3State Ventures earlier this month.

Notably, 3State Ventures was the second biggest stakeholder in Curefoods, after founder Ankit Nagori, with a 17.3% stake prior to this funding round.

Founded in 2020 by former Flipkart executive Nagori, Curefoods houses a variety of brands such as EatFit, Cake Zone, Nomad Pizza, Frozen Bottle, Sharief Bhai Biryani, among others. The startup generates revenue primarily from sale of food items, supplemented by kiosks and physical restaurants.

In June, Curefoods filed the DRHP for its IPO, which will comprise a fresh issue of shares worth up to INR 800 Cr ($304 Mn) and an offer for sale (OFS) of up to 4.85 Cr equity shares by existing shareholders.

Iron Pillar PCC, Crimson Winter, Accel India V (Mauritius), Chiratae Ventures India Fund IV, among others would offload shares via the OFS.

In the DRHP, Curefoods said that it would consider raising a pre-IPO round and the size of the fresh issue in the IPO would be cut if the pre-IPO placement materialises.

Curefoods will deploy the IPO proceeds for expansion, repayment or pre-payment of its borrowings, investment in subsidiaries Fan Hospitality Services and Cakezone Foodtech, sales and marketing initiatives, and more.

On the financial front, the company’s net loss remained almost flat at INR 169.9 Cr in the year ended March 2025 as against INR 172.6 Cr in FY24. Operating revenue stood at INR 745.8 Cr in FY25, up 27.4% from INR 585.1 Cr in the previous fiscal year.

While Sharif Bhai generated a revenue of INR 148 Cr during the year, EatFit raked in INR 145.2 Cr. Together, the two brands accounted for nearly 40% of Curefoods’ revenue. In terms of sales channels, the company is heavily dependent on aggregators. Nearly 85.6% of sales generated by its cloud kitchens were via Swiggy and Zomato in FY25, while only 14.3% were via non-delivery channels.