Indian cloud kitchen firm Curefoods gets SEBI nod for $91m IPO

Curefoods has received approval from India’s market regulator SEBI to launch an IPO worth 800 crore rupee (US$91.1 million).

The issue will include a fresh share sale and an offer for sale by existing investors such as Iron Pillar, Accel Partners, and Chiratae Ventures, while founder Ankit Nagori will not offload any shares.

Proceeds will be used for expansion, infrastructure, branding, and debt reduction.

The cloud kitchen operator runs brands like EatFit, Sharief Bhai Biryani, and Nomad.

It reported revenue of 746 crore rupee (US$85 million) and a net loss of 170 crore rupee (US$19.4 million) for FY26.

As of March 31, 2025, Curefoods had 502 service locations across 70 cities, including five central kitchens, 281 cloud kitchens, 122 restaurants, 99 kiosks, and 13 warehouses.

The company sells mainly through Swiggy, Zomato, and its own direct channels.

🔗 Source: YourStory

🧠 Food for thought

Implications, context, and why it matters.

SEBI nod doesn’t ensure pricing or demand

Curefoods got SEBI approval for an IPO with up to Rs 800 crore fresh issue plus an Offer for Sale (OFS) of up to 4.85 crore shares, yet the price band and valuation multiples are unknown 1.
Without a view on pricing versus Rs 4,000 crore pre-IPO value from 3State Ventures (an investment firm) 2, investors cannot tell if offer gives value or if early holders plan to exit at high prices.
Losses near Rs 170 crore with revenue up 27% to Rs 746 crore 1, per-order or per-brand profits still lag.
Rebel Foods, an India-based cloud kitchen operator, raised at a $1.4 billion valuation and targets a 2026 listing 1, so its scale will frame Curefoods’ pricing once the band lands.

Vendors can tap Tier II/III growth

Curefoods is moving into Tier II/III cities as incomes rise and digital payments spread, lifting need for kitchen build-outs, local logistics, plus point-of-sale (POS) or customer relationship management (CRM) software.
A hub-and-spoke setup with central kitchens feeding outlets across 502 locations 3 creates work for suppliers who can stand up cloud kitchens, kiosks, plus delivery in smaller cities with lower space or labor costs.
Tech suppliers chase cities where online food use is climbing, since India’s market grew at a 24% CAGR from 2019-2024 4.
Direct-to-consumer ordering vendors have room to win. Curefoods sells via Swiggy, Zomato, plus its own channels 5, so brands want in-house checkout to cut platform reliance while lifting unit economics.