Cloud kitchen startup Curefoods has strengthened its financial position with a pre-IPO fundraise of ₹160 crore ($18 million) from Flipkart cofounder Binny Bansal’s 3State Ventures. The investment, completed through an allotment of 1.28 crore equity shares at ₹124 per share, further cements 3State Ventures’ role as a key backer in Curefoods, following founder Ankit Nagori.
Curefoods: Brand Portfolio, Funding History, and Growth
Founded in 2020 by ex-Flipkart executive Ankit Nagori, Curefoods has rapidly built a portfolio of multi-cuisine digital-first brands such as EatFit, Cake Zone, Nomad Pizza, Frozen Bottle, Sharief Bhai Biryani, and others. It operates across 502 service points in 70+ cities, through cloud kitchens, restaurants, kiosks, and increasingly, partnerships (notably with Krispy Kreme in India).
Financially, the company’s journey is marked by robust revenue growth:
- FY24: Operating revenue of ₹585 crore; net loss of ₹172.6 crore.
- FY25: Operating revenue of ₹746 crore (27.4% YoY growth); net loss nearly flat at ₹170 crore.
- Desserts (led by CakeZone and Frozen Bottle) contributed the largest revenue share, followed by pizza, Indian meals, and health brands like EatFit. Curefoods’ aggressive spend on marketing and expansion kept losses steady but widened market reach.
It has previously raised capital from a marquee list of investors, including Accel, Iron Pillar, Chiratae Ventures, Alteria Capital, Crimson Winter, Curefit, Zephyr Peacock, and now 3State Ventures. The latest pre-IPO deal makes 3State the second largest shareholder after Nagori.
IPO Plans and DRHP Filing Highlights
Curefoods filed its Draft Red Herring Prospectus (DRHP) with SEBI in June 2025. The proposed IPO comprises:
- Fresh Issue: Up to ₹800 crore (about $100 million+).
- Offer for Sale (OFS): Up to 4.85 crore equity shares by existing shareholders, including Iron Pillar, Chiratae, Accel, Crimson Winter, Curefit, and others.
- Use of Proceeds: Funds will support expansion of cloud kitchens, restaurants, and kiosks, as well as Krispy Kreme Theatres, repayment of debt, investment in Fan Hospitality (subsidiary), and general working capital.
- Book Running Lead Managers: JM Financial, IIFL Capital, and Nuvama Wealth.
The pre-IPO placement (₹160 crore from 3State Ventures) will reduce the size of the fresh issue, as Curefoods had indicated in its DRHP.
3State Ventures: Strategic Bets in Indian Startups
Led by Binny Bansal, 3State Ventures is an active investor in high-growth Indian startups with interests in AI, SaaS, consumer, and logistics sectors. Apart from Curefoods, recent investments include GreyOrange (robotics automation), Hiresure.AI (HR tech), and OppDoor (global e-commerce solutions). The fund is known for backing scale-up stage companies with a strong tech-first DNA and market leadership ambitions.
Read this: Retail Chain SuperK Secured Rs 100 Crore in Funding Led By Flipkart and Caratlane Founder
What’s Ahead: Market Context and Curefoods’ Strategy
Curefoods is positioning itself as a top player in India’s thriving cloud kitchen segment, which is witnessing consolidation and renewed investor appetite due to rapid urbanization, food delivery platform growth, and digital-first consumer trends. Its multi-brand approach and offline-physical integration provide hedges against online-only volatility.
With a strong topline for FY25, new funding, and an ambitious public listing on the horizon, Curefoods is set to capitalize on India’s next wave of food-tech expansion—an ecosystem where 3State Ventures remains notably bullish
