Newsletter
Bengaluru-based cloud kitchen startup Curefoods India plans to go public with a ₹800 crore fresh issue and an offer for sale.
The deets: the company has filed draft papers with SEBI to raise funds via an IPO comprising the fresh issue and an offer-for-sale of 4.85 crore shares by existing investors. It may also raise up to ₹160 crore in a pre-IPO round, which could reduce the fresh issue size.
Curefoods runs a multi-brand food business spanning 5 central kitchens across 70+ cities. Major shareholders include Nagori (27.8%), 3State Ventures (17.3%), Iron Pillar (13.5%), Chiratae (8.2%), and Accel India (7.1%).
The why: the company plans to use ₹152.5 crore to expand cloud kitchens, restaurants, kiosks, and Krispy Kreme outlets, plus purchase machinery.
Another ₹126.9 crore will go toward debt repayment. Remaining funds will cover lease payments, investments in subsidiaries, acquisitions, and marketing.
Zoom out: India’s cloud kitchen market has boomed on the back of rising food delivery demand, driven by platforms like Zomato and Swiggy.
Valued at ~$1 billion in 2023, the segment is expected to grow at ~15% rate, as consumers prefer quick-service, multi-brand menus over traditional dine-in formats.
For startups like Curefoods, scale, brand recall, and efficient delivery are critical as the sector gets more competitive and as large restaurant chains and aggregator platforms also eye a bigger share.
