Curefoods, a cloud kitchen startup founded by Ankit Nagori, has filed for an IPO with SEBI.

The offering includes a fresh issue of shares worth 800 crore rupee (US$93.6 million) and an offer for sale of 4.85 crore equity shares by existing shareholders.

Curefoods may also raise 160 crore rupee (US$18.7 million) in a pre-IPO round.

The company operates brands like Nomad Pizza, Olio Pizza, and Sharief Bhai Biryani. It is backed by investors such as Accel India, Iron Pillar, Alteria Capital, Chiratae Ventures, and Binny Bansal.

Curefoods runs over 500 kitchens in 40 cities, earning 585 crore rupee (US$68.4 million) in revenue in FY24 but also posting a net loss of 173 crore rupee (US$20.2 million).

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🔗 Source: YourStory

🧠 Food for thought

1️⃣ Cloud kitchens represent a rapidly maturing food-tech segment with lower capital requirements

The global cloud kitchen market is growing at an impressive 10.6% annually, projected to reach $74.6 billion by 2030 from $36.9 billion in 2023, demonstrating significant investor confidence in this business model1.

This growth is fueled by fundamental cost advantages. Cloud kitchens require substantially lower initial investment and operational expenses than traditional restaurants, making them accessible to entrepreneurs with limited capital1.

Curefoods exemplifies this model’s scalability, expanding to over 500 kitchens across 40 cities while managing multiple brands including Nomad Pizza and Sharief Bhai Biryani2.

The company’s revenue grew 53% to reach ₹585 crore in FY24, though it still posted a ₹173 crore net loss, highlighting the model’s potential but also its challenges in achieving profitability2.

Despite these losses, Curefoods’ successful fundraising—including ₹200 crore from Binny Bansal’s Three State Ventures in May 2024—shows strong investor belief in the long-term viability of the cloud kitchen approach3.

2️⃣ IPO announcements signal maturing Indian food-tech ecosystem after years of private funding

Curefoods joins a growing cohort of Indian startups including Pinelabs, Wakefit, and Meesho that are transitioning from private funding to public markets, representing a new phase in India’s startup ecosystem4.

Founded in 2020, Curefoods’ relatively quick journey to IPO readiness—filing just five years after inception—demonstrates how the food-tech segment has accelerated through traditional growth stages faster than previous generations of startups5.

The company’s ownership structure shows significant institutional backing, with founder Ankit Nagori holding 27.80% and Flipkart co-founder Binny Bansal’s 3State Ventures holding 17.32%, providing the governance structure public investors typically seek4.

Curefoods converted from a private to public company in May 2025, receiving shareholder approval specifically to prepare for the IPO process, a critical regulatory step that signals serious intent beyond mere exploration2.

The IPO’s structure, combining ₹800 crore in fresh capital with an offer for sale from existing investors, balances the company’s need for growth capital with early backers’ desire for liquidity—a common approach for startups with substantial previous private funding6.

3️⃣ Multi-brand strategy emerges as dominant cloud kitchen business model

Curefoods’ portfolio approach, operating numerous brands like EatFit, CakeZone, and Krispy Kreme across shared infrastructure, has become the prevailing strategy in the cloud kitchen industry, enabling economies of scale while targeting diverse customer preferences5.

The company has aggressively pursued acquisitions to build this portfolio, including securing Krispy Kreme’s operations in South and West India, demonstrating how established cloud kitchen players can attract global brands seeking efficient market entry5.

This multi-brand strategy allows cloud kitchens to utilize the same facilities, staff, and supply chains across multiple cuisines and price points, maximizing kitchen utilization rates and spreading fixed costs over more revenue streams7.

Data shows this approach working for Curefoods financially. While still posting losses, the company improved its performance significantly in FY24, with 53% revenue growth while simultaneously reducing losses compared to previous years8.

The model clearly appeals to investors, with Curefoods attracting funding from prominent venture capital firms including Accel India, Iron Pillar, and Chiratae Ventures, who see the operational efficiencies of shared infrastructure as a path to eventual profitability9.

Recent Curefoods developments

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