Curefoods Secures INR 160 Cr Pre-IPO Investment from Binny Bansal's 3State Ventures Proceeds from the fresh issue are intended to fund the expansion of Curefoods' network of cloud kitchens, restaurants, kiosks, and central kitchens.
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Bengaluru-based cloud kitchen operator Curefoods has raised INR 160 crore (USD 18 million) through a pre-IPO placement with 3State Ventures, the investment arm of Flipkart co-founder Binny Bansal. The company allotted 1.28 crore equity shares at INR 124 each to 3State Ventures, according to a press statement.
Curefoods had filed its draft red herring prospectus in June, aiming to raise INR 800 crore through a combination of a fresh issue and an offer for sale of 4.08 crore shares by early investors, including Iron Pillar, Chiratae Ventures, Crimson Winter, Accel, and Curefit Healthcare. Founder and CEO Ankit Nagori is not expected to participate in the offer for sale.
Proceeds from the fresh issue are intended to fund the expansion of Curefoods' network of cloud kitchens, restaurants, kiosks, and central kitchens. The company also plans to repay debt, invest in its subsidiary Fan Hospitality, and cover working capital and general corporate expenses. JM Financial, IIFL Capital, and Nuvama Wealth Management are serving as book-running lead managers for the issue.
Curefoods operates multiple brands across categories such as Indian meals, pizza, desserts, and health-focused food. Its portfolio includes EatFit, CakeZone, Nomad Pizza, Frozen Bottle, Sharief Bhai, and Krispy Kreme.
The company reported revenue of INR 745.8 crore in FY25, up from INR 585.1 crore in FY24, while narrowing losses to INR 170 crore from INR 172.6 crore.
Backed by prominent investors including Binny Bansal, Curefoods has scaled rapidly to more than 500 service locations across over 70 cities. The company also expanded internationally last year with the launch of Sharief Bhai in the UAE. Analysts note that the pre-IPO investment from 3State Ventures is likely to reduce the size of the fresh issue in Curefoods' forthcoming initial public offering.
