Curefoods IPO: Launch Date, Price, Details, Everything You Need to Know

Curefoods India Limited, a pioneer in India’s cloud kitchen and integrated food tech space, is set to enter the public markets with a highly anticipated IPO. Founded by Ankit Nagori in 2020, the company operates multiple brands including EatFit, CakeZone, and Frozen Bottle and provides diverse cuisine options across 70 cities. The IPO will support its expansion plans, acquisitions, and operational scalability in the rapidly growing food delivery sector.

Curefoods plans to raise approximately ₹800 crore through a fresh issue, complemented by an offer-for-sale (OFS) by existing investors. SEBI granted its approval in October 2025, and the company is preparing for a late-2025 or early-2026 listing on NSE and BSE.

This comprehensive blog analyses the Curefoods IPO structure, highlights its business and financial performance, explores sector opportunities, and outlines key considerations for prospective investors.

Curefoods IPO Dates & Launch Details

• IPO opening date: To be announced
• IPO closing date: To be announced (Typically three days after opening)
• Basis of allotment: To be announced (Within 3 working days post closure)
• Refund initiation: To be announced (Shortly after basis of allotment)
• Expected listing date: To be announced (Usually within a week following allotment finalisation)

Lead Book Running Managers: JM Financial Ltd

Registrar:  Kfin Technologies Ltd

Curefoods IPO Price Band & Investment Details

• Price band: To be announced (Face value: ₹1 per share)
• Minimum lot size: To be announced
• Minimum investment: To be announced
• Maximum retail investment: To be announced

Curefoods IPO Structure

About Curefoods

Curefoods operates a multi-brand cloud kitchen model delivering health-focused and diverse cuisines. Key points:

Key Features:

• Over 500 cloud kitchens and physical stores serving 70+ cities in India
• Portfolio includes EatFit (health-centric meals), CakeZone (desserts), Nomad Pizza, Sharief Bhai Biryani, and Frozen Bottle (ice creams)
• Revenue streams include sale of food items, franchise fees, and service income from kiosks and restaurants
• The company leverages data analytics and logistics for efficient delivery and customer retention

Curefoods Financials 

Revenue and Profit Table

Cash Flow Table

Key Highlights:

• Curefoods India Limited has demonstrated impressive top-line growth, doubling its revenue from ₹382 crore in FY23 to ₹746 crore in FY25, marking a compound annual growth rate (CAGR) of roughly 30%. This acceleration is driven primarily by strong performance in dessert-led sales, which grew by 95% year-on-year to ₹196 crore in FY25, and pizza sales increasing by 18%, reflecting growing consumer preference for varied and convenient food options. This diversification into higher-margin categories like desserts is a key revenue growth lever.
• Despite this rapid revenue scale-up, Curefoods remains in a net loss position, though losses have markedly narrowed from ₹342.7 crore in FY23 to ₹170 crore in FY25. The flattening of losses suggests improving cost management and operational efficiencies amidst aggressive customer acquisition and brand-building expenses. Significant marketing spend, which increased by over 64% to ₹87 crore in FY25 (according to media reports), reflects the competitive cloud kitchen landscape and the company’s push to capture market share.
• Cash flow metrics reveal ongoing negative operational and free cash flows primarily due to continued investment in building new cloud kitchens, expanding supply chain capabilities, and acquisitions such as the Krispy Kreme India franchise. While this reinvestment puts short-term strain on cash, it supports long-term scalability and market penetration.
• Curefoods’ financing strategy has included several pre-IPO rounds, with notable capital infusion like the ₹160 crore pre-IPO placement led by Binny Bansal’s 3State Ventures, building balance sheet strength to fund rapid expansion. However, the fresh capital from the upcoming IPO remains critical for sustaining growth momentum and improving profitability.
• The company’s wide multi-brand and multi-city presence, integrated tech-driven delivery model, and growing digital buyer base are poised to underpin future revenue growth, although challenges such as high competition, delivery logistics costs, and retention of customer stickiness remain.

Sector & Market Context

India's cloud kitchen industry is expected to grow at a CAGR of over 25% through 2030, with urban convenience culture and smartphone penetration as primary drivers. Despite risks from competition and dependency on third-party delivery platforms, branded cloud kitchens like Curefoods tap the growing consumer demand for quick, reliable, and quality food at home.

Key Considerations for Investors

Strengths

• Large, diversified multi-brand cloud kitchen with pan-India reach
• Successful acquisitions and strong brand-building efforts
• Robust revenue growth with expanding customer base

Risks

• Cash burn and ongoing losses amid high competition
• Reliance on aggregators like Swiggy, Zomato for logistics
• Sensitivity to food inflation and operational costs

Opportunities

• Growing trend towards online food consumption
• Expansion into newer cities, premium product lines
• Potential for direct-to-consumer delivery platforms and brand extensions

IPO Structure

• Combination of a fresh issue worth ₹800 crore to fund expansion like launching new kitchen hubs, brand building, tech infrastructure, and working capital
• An offer for sale (OFS), where early investors such as Iron Pillar, Crimson Winter, Accel, and Chiratae Ventures will partially exit
• Founder and CEO Ankit Nagori will not participate in the sale, retaining significant ownership
• The cloud kitchen market in India is booming due to increased online ordering and urban convenience trends.
• Curefoods’ strong brand portfolio and aggressive expansion plans fuel optimistic revenue growth.
• The company’s strategy includes acquisitions (e.g., Krispy Kreme’s Indian operations) and a focus on high-margin product segments.
• Heavy marketing spend and rising supply chain costs weigh on near-term profitability.
• The IPO will help improve liquidity for existing stakeholders and fund growth capital.

About the Company

Founded in 2020, Curefoods leverages technology to offer diverse cuisines nationwide through a cloud kitchen network and branded physical outlets. Its portfolio features prominent brands such as EatFit, CakeZone, and Frozen Bottle, catering to evolving consumer preferences for health and convenience.

Curefoods Analysis: Final Word

Curefoods IPO offers investors access to India’s growing cloud kitchen market with a youthful brand and aggressive expansion strategy. While revenue growth is promising, potential investors should weigh losses, negative cash flows, and competition risks adequately.

Always consider personal investment objectives and consult trusted sources before making any decisions.