Cloud Kitchen Brand Curefoods and Milky Mist IPO News

Cloud kitchen brand Curefoods and dairy company Milky Mist have received a nod from the Securities and Exchange Board of India (SEBI) as indicated in a recent notification from the market regulator. This update follows closely on the heels of Curefoods submitting its Draft Red Herring Prospectus (DRHP) to SEBI four months earlier. The initial public offering (IPO) will feature a fresh issuance of equity shares valued at Rs 800 crore, along with an offer for sale (OFS) of 4.85 crore shares.

Details of the Offer for Sale

As part of the OFS, Iron Pillar will divest 1.9 crore shares, while Crimson Winter and Accel India plan to sell 97.6 lakh and 45.75 lakh shares, respectively. Furthermore, Chiratae Ventures and Global eCommerce will offload 64.5 lakh and 35.24 lakh shares through this public offering. It’s worth noting that founder Ankit Nagori will not be involved in the OFS.

Use of IPO Proceeds

The DRHP outlines that proceeds from the fresh issuance will be directed towards expanding cloud kitchen facilities, debt repayment, fulfilling lease obligations, funding marketing strategies, and covering various other corporate needs. According to multiple sources from startup data intelligence platforms, the Bengaluru-based firm has successfully raised over $200 million through a combination of debt and equity. This includes Rs 160 crore ($18 million), achieved last month through a pre-IPO placement from 3State Ventures, which is associated with Flipkart co-founder Binny Bansal.

Financial Performance of Curefoods

In terms of financial performance, Curefoods recorded a 27.5% year-on-year increase in operating revenue, reaching Rs 746 crore. Notably, the company reported flat losses of Rs 170 crore in FY25.

Milky Mist IPO Details

Milky Mist, which submitted its DRHP in July, is aiming to raise up to Rs 2,035 crore (approximately $239 million) through its IPO. This will consist of a fresh issue valued at Rs 1,785 crore and an offer for sale worth up to Rs 250 crore. As part of the OFS, promoter Sathishkumar T plans to sell shares worth Rs 150 crore ($17.6 million), whereas Anitha S intends to offload shares valued at Rs 100 crore ($11.7 million).

Milky Mist’s Revenue Growth

Milky Mist’s revenue has surged to Rs 2,349 crore in FY25, up from Rs 1,822 crore in FY24, with its net profit seeing a notable rise to Rs 46 crore in FY25, compared to Rs 19.4 crore in FY24.