IPO News: Curefoods Becomes the First Cloud Kitchen Startup to Secure SEBI Approval for ₹800 Crore IPO

Curefoods Becomes the First Cloud Kitchen Startup to Secure SEBI Approval for ₹800 Crore IPO

Bengaluru-based foodtech and cloud kitchen player Curefoods has received the green light from the Securities and Exchange Board of India (SEBI) for its ₹800 crore initial public offering (IPO) — a first for India’s cloud kitchen industry.

The public issue will comprise a fresh issue of shares worth up to ₹800 crore and an offer for sale (OFS) of up to 4.85 crore shares from early backers, including Iron Pillar, Crimson Winter, Accel, Chiratae Ventures, and Curefit Healthcare.

Co-founder and CEO Ankit Nagori, who established Curefoods after his stint at Curefit with Mukesh Bansal, will retain his entire stake, signaling long-term confidence in the company’s future.

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Curefoods has demonstrated steady growth despite persistent losses. For FY25, the company’s operating revenue rose 27% to ₹745.8 crore, up from ₹585 crore in the previous fiscal. Net loss remained largely unchanged at ₹169.9 crore, reflecting improved efficiency even as it expanded operations across 502 service points in 70 cities, spanning cloud kitchens, kiosks, and full-service restaurants.

A large share of its business came from dessert brands (₹196 crore), pizzas (₹183 crore), Indian meals (₹178 crore), and healthy meals (₹176 crore). Total expenses climbed 17% to ₹944 crore, with advertising costs jumping 64% year-on-year to ₹87 crore. On a per-unit basis, Curefoods spent ₹1.27 to earn every rupee of revenue — a ratio it aims to optimize post-listing.

The company’s funding momentum has been strong, bolstered by ₹300 crore in pre-IPO funding led by Binny Bansal’s 3State Ventures, which contributed ₹160 crore in September 2025. In total, Curefoods has raised over $225 million (₹1,870 crore) across 14 rounds, reaching a valuation of $455–$460 million earlier this year. The IPO proceeds will go toward business expansion, debt repayment, and fresh investment in subsidiaries such as Fan Hospitality Services and Cakezone Foodtech, besides marketing and infrastructure improvements.

The company’s rapid growth puts it in direct competition with Rebel Foods, the sector’s largest player, which is also eyeing an IPO in 2026 after a recent $25 million infusion from Qatar Investment Authority at a $1.4 billion valuation. While Rebel Foods continues to focus on global expansion and acquisitions, Curefoods has expanded its order volume from 11.4 million in FY23 to 18.2 million in FY25, inching closer to its rival’s scale.

Both companies are racing to redefine India’s quick service restaurant (QSR) and cloud kitchen ecosystem, emphasizing efficiency, tech integration, and brand differentiation. Analysts believe Curefoods’ IPO will serve as a bellwether for the sector, setting benchmarks in profitability and scalability for digital-first food businesses.

Looking ahead, Curefoods plans to double down on AI-driven demand planning, real-time order tracking, and centralized kitchen automation to sharpen its operational margins. Its expansion into high-demand categories like desserts, pizzas, and healthy meals, alongside international ventures such as Krispy Kreme’s rollout in three regions, underscores India’s growing appetite for tech-enabled, multi-brand food platforms.

With SEBI’s approval now in hand, Curefoods is poised to make history — not just as the first cloud kitchen startup to hit the Indian bourses, but as a key player shaping the future of how India eats.