Curefoods raises Rs 160 Cr from 3State Ventures ahead of IPO

Bengaluru-based Curefoods has raised Rs 160 crore in a pre-IPO placement from 3State Ventures, the investment arm of Flipkart co-founder Binny Bansal.

The Singapore-based fund acquired 1.28 crore shares at Rs 124 each. The allotment, approved by Curefoods’ board on September 10 and by shareholders on September 15, will be adjusted against the company’s planned fresh issue under SEBI’s ICDR rules.

Founded by Ankit Nagori, Curefoods operates a portfolio of food brands including EatFit, Nomad Pizza, CakeZone, Frozen Bottle, and Sharief Bhai, along with franchise tie-ups such as Krispy Kreme.

The IPO-bound company has built one of India’s largest cloud kitchen networks, with more than 500 service locations across over 70 cities as of March 2025.

The company filed draft papers with the Securities and Exchange Board of India (SEBI) in June for an initial public offering (IPO) that includes a fresh issue of up to Rs 800 crore and an offer for sale of 4.08 crore shares by existing investors. Shareholders seeking to sell include Iron Pillar, Chiratae Ventures, Accel, Alteria Capital, Curefit Healthcare, and Zephyr Peacock India Growth Fund.

According to its draft prospectus, proceeds from the fresh issue will be used to expand cloud kitchens, kiosks, and restaurants; repay or prepay borrowings; invest in subsidiary Fan Hospitality; fund working capital; and for general corporate purposes. JM Financial, IIFL Capital Services, and Nuvama Wealth Management are the book-running lead managers to the issue.

Curefoods reported revenue from operations of Rs 746 crore in fiscal 2025, up from Rs 382 crore in fiscal 2023. The company expanded its service network from 277 locations in March 2023 to 502 in March 2025, and began international operations in the United Arab Emirates last year.