Curefoods India Files for IPO to Raise ₹800 Cr; Key Shareholders to Offload 4.85 Cr Shares
By Shishta Dutta | Published at: Jun 30, 2025 10:15 AM IST
Mumbai, 30 June 2025: Curefoods India Limited, a leading multi-brand cloud kitchen and quick service restaurant (QSR) operator, has filed its Draft Red Herring Prospectus (DRHP) with SEBI for a proposed initial public offering (IPO). The offer includes a fresh issue of equity shares worth ₹800 crore and an Offer for Sale (OFS) of up to 4.85 crore equity shares by existing investors and promoters.
₹800 Crore Fresh Issue to Drive Growth, OFS to Facilitate Investor Exit
Component
| Details | |
|---|---|
| Fresh Issue | Equity Shares aggregating up to ₹800 crore |
| Offer for Sale | Up to 4,85,37,599 Equity Shares of face value ₹1 each by promoters, existing investors, and other shareholders |
Curefoods may also raise up to ₹160 crore via a pre-IPO placement. If this option is exercised, the size of the fresh issue will be reduced accordingly.
Major Investors Plan Partial Exit Through Offer for Sale
The OFS includes equity shares from several prominent shareholders. Their holdings and acquisition costs are summarised below:
| Selling Shareholder | No. of Shares Offered | Weighted Avg Acquisition Cost (₹) |
|---|---|---|
| Iron Pillar PCC (Cell C & Cell E) | 1,90,88,670 | ₹28.55–₹66.38 |
| Crimson Winter Limited | 97,59,660 | ₹89.50 |
| Accel India V (Mauritius) | 45,75,330 | ₹74.14 |
| Chiratae Ventures India Fund IV | 36,66,020 | ₹73.41 |
| Chiratae Ventures Master Fund IV | 27,90,619 | ₹73.57 |
| Global eCommerce Consolidation Fund L.P. | 35,24,213 | ₹42.21 |
| Alteria Capital Fund II – Scheme I | 14,31,150 | ₹75.49 |
| Curefit Healthcare Pvt Ltd | 12,81,510 | ₹28.55 |
| Shripad Shrikrishna Nadkarni | 11,54,490 | ₹77.64 |
| Horizon Techno Pte. Ltd. | 9,30,900 | Not disclosed |
| Zephyr Peacock India Growth Fund | 3,35,037 | Not disclosed |
Fresh Issue Proceeds Aimed at Expansion and Strategic Investments
The company has outlined multiple areas for capital deployment from the ₹800 crore fresh issue:
- ₹152.53 crore for setting up new cloud kitchens, Krispy Kreme theatres, and restaurants
- ₹126.92 crore for repayment or prepayment of borrowings
- ₹40.00 crore allocated towards lease rental payments
- ₹91.96 crore to invest in Fan Hospitality (subsidiary) for share acquisition and central kitchen setup
- ₹11.35 crore to invest in Cakezone Foodtech for stake purchase and marketing initiatives
- ₹81.13 crore for acquiring stakes in Millet Express, Munchbox, and Yum Plum
- ₹2.50 crore towards deferred consideration to Jaika Hospitality
- ₹14.00 crore for sales and marketing initiatives
- Remaining proceeds to be used for inorganic growth and general corporate purposes (exact amount to be finalised)
Revenue Growth Accelerates Despite Continued Net Losses
| Particulars | FY25 | FY24 | FY23 |
|---|---|---|---|
| Revenue from Operations | ₹745.80 Cr | ₹585.12 Cr | ₹382.04 Cr |
| Total Income | ₹775.49 Cr | ₹635.09 Cr | ₹411.55 Cr |
| Net Loss | ₹169.96 Cr | ₹172.61 Cr | ₹342.73 Cr |
| EBITDA (Adj.) | Not disclosed in the summary pages | ||
| Net Worth | ₹510.17 Cr | ₹454.69 Cr | ₹555.10 Cr |
While losses have narrowed significantly over the years, Curefoods continues to operate in the red. The company has not disclosed adjusted EBITDA in the summary.
Prominent Advisors Back the Issue Across Market Segments
The IPO is being managed by:
- JM Financial Limited
- IIFL Capital Services Limited
- Nuvama Wealth Management Limited
Brand Portfolio and National Reach Strengthen Market Presence
Founded in 2020 and promoted by Ankit Nagori (co-founder of CureFit), Curefoods has built a diverse presence with over 500 cloud kitchens, restaurants, and kiosks across 70+ Indian cities. Its portfolio includes well-known brands such as EatFit, CakeZone, Frozen Bottle, Sharief Bhai, Olio Pizza, and Nomad Pizza.
The company has recently expanded into the doughnut segment by acquiring the franchise rights for Krispy Kreme in India. Curefoods operates as a public limited company and has applied to list its shares on both the BSE and NSE.
REF: https://nsearchives.nseindia.com/corporate/Registration_29062025161247_Curefoods_India_Limited_DRHP.zip
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