Curefoods Raises Rs 160 Crore from Binny Bansal’s 3State Ventures Ahead of IPO

New Delhi, September 26 – Curefoods India, an operator of cloud kitchens, has raised approximately ₹160 crore in a pre-IPO funding round from 3State Ventures, owned by Binny Bansal, co-founder of Flipkart.

The board approved the placement on September 10, followed by shareholder approval on September 15. After this, Curefoods allocated 1.28 crore equity shares to 3State Ventures at a share price of ₹124. The investment will be taken into account in terms of the size of the fresh issue in its upcoming IPO.

Curefoods IPO Strong Brand Portfolio

Curefoods, founded in 2020 by Ankit Nagori, has developed a robust portfolio spanning various food categories. It operates healthy food brands like EatFit and Millet Express, dessert chains such as CakeZone and Frozen Bottle, pizza brands like Olio Pizza and Nomad Pizza, and Indian cuisine players such as Sharief Bhai Biryani and Rolls on Wheels. It also has the franchise rights for Krispy Kreme in India.

Curefoods IPO Plans

The draft documents for Curefoods, submitted in June, contain plans to raise ₹800 crore through a newly issued share issue and an offer-for-sale (OFS) of 4.85 crore equity shares.

Of the ₹800 crore, ₹152.53 crore in proceeds will be used for the expansion of cloud kitchens, restaurants, and kiosks, as well as Krispy Kreme Theatres, on a staggered basis from FY27 to FY29.

The proceeds will also be utilized for the construction of a central kitchen, restaurant support for the subsidiary Fan Hospitality, and increasing stakes in units, including Cakezone Foodtech, Millet Express Foods, Munchbox Frozen Foods, and Yum Plum. Additional proceeds will be used for debt repayment, lease obligations, and enhancing sales and marketing.

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