Curefoods Receives SEBI Nod for INR 800 Cr IPO According to the reports, Iron Pillar PCC is the largest investor exiting through the IPO, planning to sell 1.91 crore shares and expected to achieve an exit value about 2.6 times higher than Accel and Chiratae.
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Bengaluru-based cloud kitchen operator Curefoods, which runs popular brands such as EatFit, CakeZone and Krispy Kreme, has received approval from the Securities and Exchange Board of India (SEBI) for its INR 800 crore initial public offering (IPO), according to people familiar with the matter.
The public issue will include a combination of a fresh share sale and an offer-for-sale (OFS) of up to 4.85 crore shares, providing several early investors an opportunity to partly or fully exit their holdings. Founder and CEO Ankit Nagori will retain his entire stake and will not sell any shares in the IPO.
Among the investors reducing their holdings are Iron Pillar, Crimson Winter, Accel, Chiratae Ventures and Curefit Healthcare, which was co-founded by Mukesh Bansal and Nagori.
Reports indicate that Iron Pillar PCC is the largest seller, planning to offload 1.91 crore shares. Crimson Winter will sell about 97.6 lakh shares, followed by Accel with 45.7 lakh and Chiratae Ventures with 36.6 lakh shares. Curefit Healthcare is expected to exit a smaller portion of 12.8 lakh shares.
Iron Pillar is also expected to gain the most from the issue, with an estimated exit value about 2.6 times higher than Accel and Chiratae based on average acquisition cost.
From the INR 800 crore primary issue, Curefoods plans to allocate INR 152.5 crore for establishing new cloud kitchens and expanding infrastructure. Around INR 126.9 crore will be used to repay or prepay borrowings, while INR 92 crore will go to its wholly owned subsidiary Fan Hospitality for managing kitchen operations.
The company also intends to spend INR 40 crore on lease deposits and INR 14 crore on brand-building and marketing.
Curefoods may raise INR 160 crore through a pre-IPO placement, which would reduce the size of the fresh issue.
As per Moneycontrol, the company's revenue has nearly doubled in two years, from INR 382 crore in FY23 to INR 746 crore in FY25, though it remains loss-making. Net loss stood at INR 170 crore in FY25, while EBITDA losses narrowed sharply to INR 58 crore.
Other companies recently receiving SEBI approval for their IPOs include Shadowfax, Lenskart, Wakefit Innovations and Pine Labs.
