Curefoods, an Indian cloud kitchen operator that runs food brands including EatFit, Krispy Kreme, and CakeZone, has paused its planned initial public offering months after receiving approval from the Securities and Exchange Board of India.

Weak market conditions and a valuation gap with mutual funds reduced investor demand for the Indian cloud kitchen operator, which runs brands including EatFit, Krispy Kreme, and CakeZone.

The company planned to raise 8 billion rupees (US$84 million) at a valuation of about 40 billion rupees (US$420 million), but investor roadshows failed to win support for that pricing, especially for a loss-making business.

Curefoods may revisit a listing next year because it does not need immediate capital.

For FY25, Curefoods reported operating revenue of 7.5 billion rupees (US$78.3 million) and a loss of 1.7 billion rupees (US$17.9 million).

The pause follows other delayed listings in India. PhonePe postponed its IPO in March, and Flipkart indefinitely paused IPO discussions in May.

🔗 Source: The Economic Times

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