Highlights
Curefoods IPO – Cloud Kitchen Brand Seeks Rs 800 Crore
Curefoods has officially lodged its Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) for an Initial Public Offering (IPO) featuring a fresh issue worth Rs 800 crore along with an Offer for Sale (OFS) of 4.85 crore shares.
Details of the Offer for Sale
Within the framework of the OFS, Iron Pillar plans to dispose of 1.9 crore shares, while Crimson Winter and Accel India are set to sell 97.6 lakh and 45.75 lakh shares respectively. Chiratae Ventures and Global eCommerce aim to offload 64.5 lakh and 35.24 lakh shares through this public offering.
The prospectus reveals that Binny Bansal’s 3 State Ventures stands as the largest external stakeholder in Curefoods, holding a 17.32% share. This is followed by Iron Pillar with 13.53%, Accel India with 7.17%, Chiratae Ventures contributing 8.23%, and Crimson Winter at 4.08%. Ankit Nagori, the company’s co-founder and CEO, maintains a 27.8% stake, making him the most significant individual shareholder.
Funding History
As reported by startup data intelligence sources, Curefoods has successfully raised $125 million through various funding rounds, backed by the aforementioned investors.
Brand Portfolio
Curefoods operates as a cloud kitchen entity with a diverse range of brands under its umbrella, including Eatfit, Millet Express, Sharif Bhai, Rolls on Wheels, Olio, Nomad, CakeZone, Frozen Bottle, Krispy Kreme, and Ovenfresh. Notably, the Bengaluru-based foodtech company has recently secured pan-India rights for Krispy Kreme.
Listing Plans
The company intends to make its debut on both the National Stock Exchange (NSE) and the Bombay Stock Exchange (BSE). According to the DRHP, JM Financial, IIFL Capital, Nuvama, and KFintech are designated as the book-running lead managers for this issue.
Utilisation of IPO Proceeds
As stated in the DRHP, funds from the fresh issue will be allocated towards expanding cloud kitchens, settling debts, fulfilling lease obligations, facilitating marketing efforts, and supporting other corporate initiatives.
Financial Performance
In terms of financial growth, Curefoods has reported a 27% year-on-year increase in revenue, rising to Rs 745.7 crore in FY25 from Rs 585.1 crore in FY24. The company has also managed to reduce its losses slightly to Rs 170 crore in FY24 compared to Rs 172.6 crore the year prior.