Cloud kitchen startup Curefoods files for IPO: reports
Curefoods plans to raise Rs 800 crore through fresh issue of shares and an offer for sale of 4.85 crore equity shares
Cloud kitchen startup Curefoods has filed the papers for an initial public offering (IPO) with the market regulator SEBI.
The IPO will consist of fresh issuance of shares worth Rs 800 crore and an offer for sale of 4.85 equity shares by existing shareholders, reports in Moneycontrol and The Economic Times said.
Founded by Ankit Nagori, Curefoods operates several brands such as Nomad Pizza, Olio Pizza and Sharief Bhai Biryani. Investors backing the startup include the likes of Accel India, Iron Pillar, Alteria Capital, Chiratae Ventures, Binny Bansal etc.
Curefoods founder Ankit Nagori
According to reports, investors such as Iron Pillar PCC, Crimson Winter, Accel India V (Mauritius), Chiratae Ventures India Fund IV, along with other shareholders, Global eCommerce Consolidation Fund, Alteria Capital Fund, and Curefit Healthcare will be selling shareholders in the offer-for-sale.
The report further stated that Curefoods may look into raising around Rs 160 crore in the pre-IPO round.
Moneycontrol reported that promoter Ankit Nagori and Flipkart Co-founder Binny Bansal-owned 3State Ventures Pte will be the largest shareholders in the company on a fully diluted basis, holding 27.80% and 17.32% stakes, respectively. This followed Iron Pillar (13.53%), Chiratae (8.23%), and Accel India V (Mauritius) (7.17% stake).
According to Economic Times, Curefoods operates over 500 kitchens in 40 cities. It reported a revenue of Rs 585 crore with a net loss of Rs 173 crore in FY24.
Curefoods joins the list of other Indian startups like Pinelabs, Wakefit, which have already filed their IPO papers while others like Meesho have secured shareholder approval for a public issue.