Kitchens, Kiosks, and Krispy Kreme: Curefoods Files Rs 800 Cr IPO to Fuel Expansion

Curefoods India, the Bengaluru-based cloud kitchen powerhouse behind brands like CakeZone, Nomad Pizza, and Krispy Kreme India, has filed its draft red herring prospectus with SEBI to raise Rs 800 crore through a fresh issue. The IPO also includes an offer-for-sale of 4.85 crore equity shares by existing investors, marking a significant milestone in the company’s growth journey.

Here’s a detailed breakdown of the IPO structure, fund allocation, and Curefoods’ strategic roadmap.

Key Elements of the IPO

- The IPO comprises a fresh issue of shares worth Rs 800 crore and an offer-for-sale by shareholders including Curefit Healthcare, Iron Pillar PCC, Accel India V, Chiratae Ventures, and others  
- Curefoods may raise up to Rs 160 crore in a pre-IPO round, which would proportionally reduce the size of the fresh issue  
- JM Financial, IIFL Capital Services, and Nuvama Wealth Management are the book-running lead managers  

Where the Money Will Go

- Rs 126.32 crore will be used to set up new Krispy Kreme cloud kitchens, restaurants, kiosks, and central kitchens  
- Rs 19.91 crore is earmarked for expanding existing cloud kitchens by adding new brands  
- Rs 6.31 crore will go toward purchasing machinery and equipment  
- Rs 126.93 crore will be used to repay debt, while Rs 40 crore is allocated for lease payments on current properties  
- Rs 14 crore will be spent on sales and marketing initiatives  
- Strategic investments include Rs 91.96 crore in Fan Hospitality Services, Rs 11.35 crore in Cakezone Foodtechs, and Rs 81.15 crore to acquire further stakes in Millet Express Foods, Munchbox Frozen Foods, and Yum Plum  

Curefoods at a Glance

- Founded in 2020 by Ankit Nagori, Curefoods operates a multi-brand food services platform with a strong digital and offline presence  
- As of March 2025, the company had 281 cloud kitchens, 122 restaurants, 99 kiosks, and 13 warehouses across 502 service locations in over 70 cities  
- Its top brands—EatFit, CakeZone, Nomad Pizza, Sharief Bhai, and Krispy Kreme—contributed over 98 percent of revenue in FY25  
- Revenue grew from Rs 382 crore in FY23 to Rs 746 crore in FY25, reflecting a CAGR of nearly 40 percent  
- Curefoods has also expanded internationally, launching Sharief Bhai in the UAE in 2024  

IPO Outlook and Market Position

- Curefoods ranks as India’s second-largest digital-first food services company by revenue  
- The IPO is expected to hit the market between November and December 2025, potentially around Diwali  
- The company’s asset-light, multi-brand model and strong delivery partnerships with Swiggy and Eternal (formerly Zomato) position it well for sustained growth  

As Curefoods prepares to go public, its IPO signals more than just a capital raise—it’s a bet on India’s evolving food consumption habits, the rise of cloud kitchens, and the power of brand-driven culinary experiences.

Sources: Business Today, CNBC-TV18, India Retailing, Economic Times Hospitality, Rediff Money, June 2025