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Cloud kitchen operator Curefoods has raised ₹160 crore in a pre-IPO funding round from 3State Ventures, the investment arm of Flipkart co-founder Binny Bansal. The funding marks a significant milestone as Curefoods gears up for its public market debut.
In a regulatory filing on Friday, the Bengaluru-based company announced it had allotted 1.28 crore equity shares to 3State Ventures at ₹124 per share. The board approved the preferential allotment on September 10, followed by shareholder approval on September 15.
The funds raised will be factored into the overall size of the fresh issue in Curefoods’ upcoming IPO, in line with SEBI regulations.
Founded in 2020 by Ankit Nagori, Curefoods has rapidly expanded its portfolio across diverse food categories. Its brands include health-focused options like EatFit and Millet Express, dessert chains such as CakeZone and Frozen Bottle, pizza outlets Olio Pizza and Nomad Pizza, and Indian cuisine brands like Sharief Bhai Biryani and Rolls on Wheels. The company also recently acquired the franchise rights to operate Krispy Kreme in India.
According to draft IPO documents filed in June, Curefoods plans to raise ₹800 crore through a fresh issue of shares, alongside an offer for sale (OFS) of 4.85 crore equity shares by existing shareholders.
A portion of the IPO proceeds—approximately ₹152.5 crore—will be earmarked for the expansion of its cloud kitchens, restaurants, kiosks, and Krispy Kreme Theatres between FY27 and FY29. Additional capital will be used to set up a central kitchen, scale operations under its subsidiary Fan Hospitality, and increase stakes in units such as Cakezone Foodtech, Millet Express Foods, Munchbox Frozen Foods, and Yum Plum.
The company also plans to utilize part of the funds to reduce debt, manage lease liabilities, and boost sales and marketing efforts as it strengthens its position in India's fast-growing food delivery and dining space.
(Source: PTI)
