Curefoods, the Bengaluru-based cloud kitchen and foodtech company, has secured approval from market regulator SEBI to move ahead with its ₹800 crore IPO. The offering comprises a fresh issue worth up to ₹800 crore and an offer for sale (OFS) of up to 4.85 crore shares from early investors including Iron Pillar, Crimson Winter, Accel, Chiratae Ventures, and Curefit Healthcare (co-founded by Mukesh Bansal and Curefoods CEO Ankit Nagori). Notably, founder Nagori will retain his entire stake, underlining his long-term commitment to the business.
Financial Performance: Growth Amid Flat Losses
Curefoods reported healthy growth for FY25, with operating revenue scaling up 27% to ₹745.8 crore from ₹585 crore in FY24. The company’s net loss held nearly steady at ₹169.9 crore against ₹172.6 crore last fiscal, signaling improved operational efficiency despite aggressive expansion. The asset-light multi-brand model has enabled Curefoods to scale up briskly across 502 service locations in 70 towns and cities, spanning cloud kitchens, quick-service kiosks, and full-service restaurants.
A significant portion of revenue came from dessert brands (₹196 crore), pizzas (₹183 crore), Indian meals (₹178 crore), and healthy meals (₹176 crore). The company’s total expenditure grew 17% to ₹944 crore, with advertising spend jumping to ₹87 crore (+64% YoY). On a unit level, Curefoods spent ₹1.27 to earn each rupee of operating revenue in FY25—a metric it will try to optimize post-listing.
Major Funding Rounds: Fueling Expansion and IPO Momentum
Cloud kitchen giant has raised upwards of ₹300 crore in pre-IPO funding, led by investments from Binny Bansal’s 3State Ventures (₹160 crore in September 2025) and prior tranches from major VCs and strategic investors. The company has cumulatively raised over $225 million (₹1,870 crore) in 14 rounds, most recently closing debt and equity placements in September 2025. The February 2025 valuation stood around $455–$460 million. The pre-IPO capital is powering Curefoods’ expansion into new kitchens, partner brands, and tech upgrades.
Funds from the IPO will be deployed not just for growth and debt repayment but also for further investment in subsidiaries like Fan Hospitality Services and Cakezone Foodtech, alongside targeted marketing and infrastructure.
Cloud Kitchen Competition: Rebel Foods and Sector Dynamics
its rapid trajectory puts it in direct competition with sector leader Rebel Foods, which is also preparing for an IPO in 2026 after raising $25 million from Qatar Investment Authority in September 2025 at a $1.4 billion valuation. Rebel Foods, known for building Faasos, Behrouz Biryani, and Oven Story, is focusing on acquisitions, partnerships, and global expansion. Curefoods meanwhile has grown its order volumes from 11.4 million in FY23 to 18.2 million in FY25—a metric rivaling Rebel’s scale.
Both brands are betting on multi-brand expansion, acquisition-centric growth, and leveraging asset-light, tech-driven supply chains. Analysts see Curefoods’ IPO as setting new benchmarks for Indian quick service restaurant (QSR) and cloud kitchen models, with a sharp focus on profitability, efficiency, and differentiated portfolio.
Sector Outlook: Scaling with Tech and Brand
Curefoods’ next phase will see investment in AI-assisted demand planning, real-time order tracking, and centralized kitchen architecture—critical for sustaining operational margins. Its aggressive push into desserts, pizza, healthy meals, and international franchises (Krispy Kreme now live across three regions) mark shifting consumer trends and premiumisation in cloud kitchens.
