Curefoods, a cloud kitchen startup founded by Ankit Nagori, has filed for an IPO with SEBI.

The offering includes a fresh issue of shares worth 800 crore rupee (US$93.6 million) and an offer for sale of 4.85 crore equity shares by existing shareholders.

Curefoods may also raise 160 crore rupee (US$18.7 million) in a pre-IPO round.

The company operates brands like Nomad Pizza, Olio Pizza, and Sharief Bhai Biryani. It is backed by investors such as Accel India, Iron Pillar, Alteria Capital, Chiratae Ventures, and Binny Bansal.

Curefoods runs over 500 kitchens in 40 cities, earning 585 crore rupee (US$68.4 million) in revenue in FY24 but also posting a net loss of 173 crore rupee (US$20.2 million).

🔗 Source: YourStory

🧠 Food for thought

1️⃣ Cloud kitchens represent a rapidly maturing food-tech segment with lower capital requirements

The global cloud kitchen market is growing at an impressive 10.6% annually, projected to reach $74.6 billion by 2030 from $36.9 billion in 2023, demonstrating significant investor confidence in this business model1.

This growth is fueled by fundamental cost advantages. Cloud kitchens require substantially lower initial investment and operational expenses than traditional restaurants, making them accessible to entrepreneurs with limited capital1.

Curefoods exemplifies this model’s scalability, expanding to over 500 kitchens across 40 cities while managing multiple brands including Nomad Pizza and Sharief Bhai Biryani2.

The company’s revenue grew 53% to reach ₹585 crore in FY24, though it still posted a ₹173 crore net loss, highlighting the model’s potential but also its challenges in achieving profitability2.

Despite these losses, Curefoods’ successful fundraising—including ₹200 crore from Binny Bansal’s Three State Ventures in May 2024—shows strong investor belief in the long-term viability of the cloud kitchen approach3.

2️⃣ IPO announcements signal maturing Indian food-tech ecosystem after years of private funding

Curefoods joins a growing cohort of Indian startups including Pinelabs, Wakefit, and Meesho that are transitioning from private funding to public markets, representing a new phase in India’s startup ecosystem4.

Founded in 2020, Curefoods’ relatively quick journey to IPO readiness—filing just five years after inception—demonstrates how the food-tech segment has accelerated through traditional growth stages faster than previous generations of startups5.

Recent Curefoods developments