Curefoods IPO is a proposed Mainboard Book Built public issue by Curefoods India Limited. The public issue comprises a fresh issue of equity shares aggregating up to ₹800 crore along with an Offer for Sale of up to 4,85,37,599 equity shares by existing shareholders. The equity shares are proposed to be listed on both the BSE and NSE.
The company proposes to utilise the net proceeds from the fresh issue for expansion of cloud kitchens, restaurants, kiosks and central kitchens, repayment or pre-payment of certain borrowings, lease payments, investments in subsidiaries, sales and marketing initiatives, acquisitions and strategic initiatives, and general corporate purposes. The proceeds from the Offer for Sale will be received by the respective selling shareholders.
Curefoods India Limited is a Bengaluru-based multi-brand food services company operating a portfolio of food brands across categories such as healthy meals, biryani, pizza, desserts, cakes and beverages. Its brands include EatFit, Sharief Bhai, OLIO, Arambam, Krispy Kreme, Nomad Pizza, CakeZone and Frozen Bottle.
The company operates through a combination of cloud kitchens, restaurants, kiosks and other service locations. As of March 31, 2025, Curefoods had 502 service locations across more than 70 cities and towns in India, with 18.23 million orders during Fiscal 2025.
Table of Contents
Curefoods IPO Details Information
The key offer details available from the DRHP are given below. The final price band, IPO dates, lot size and total offer size are yet to be updated at the Prospectus stage.
| Particulars | Information |
|---|---|
| IPO Name | Curefoods IPO |
| Company Name | Curefoods India Limited |
| IPO Type | Book Build Issue |
| IPO Category | Mainboard IPO |
| Face Value | ₹1 Per Equity Share |
| Price Band | Yet to be Updated |
| Issue Size | Yet to be Updated |
| Fresh Issue | ₹800 Crore |
| Offer for Sale | Up to 4,85,37,599 Equity Shares |
| IPO Open Date | Yet to be Updated |
| IPO Close Date | Yet to be Updated |
| Anchor Investor Bidding | Yet to be Updated |
| Basis of Allotment | Yet to be Updated |
| Refund Initiation | Yet to be Updated |
| Shares Credited to Demat Account | Yet to be Updated |
| Listing Date | Yet to be Updated |
| Listing Exchange | BSE & NSE |
| Lot Size | Yet to be Updated |
| Registrar | KFin Technologies Limited |
| Book Running Lead Managers | JM Financial Limited, IIFL Capital Services Limited and Nuvama Wealth Management Limited |
Curefoods IPO Dates
The IPO opening, closing, allotment and listing dates have not been finalised in the available DRHP. These dates will be updated after the company files the relevant offer documents with the final issue details.
| IPO Event | Date |
|---|---|
| Anchor Investor Bidding | Yet to be Updated |
| IPO Opening Date | Yet to be Updated |
| IPO Closing Date | Yet to be Updated |
| Basis of Allotment | Yet to be Updated |
| Refund Initiation | Yet to be Updated |
| Shares Credited to Demat Account | Yet to be Updated |
| Listing Date | Yet to be Updated |
Curefoods IPO Reservation
Curefoods IPO reservation for different investor categories is proposed as per the applicable IPO structure.
| Investor Category | Reservation |
|---|---|
| Qualified Institutional Buyers (QIB) | Not Less Than 75% |
| Non-Institutional Investors (NII) | Not More Than 15% |
| Retail Individual Investors (RII) | Not More Than 10% |
The final allocation under each investor category will depend on the offer structure and the number of valid applications received during the IPO subscription period.
Curefoods IPO Lot Size
The final lot size and application amount will be updated after the company announces the price band and lot size.
| Application | Shares | Amount |
|---|---|---|
| Retail Minimum | Yet to be Updated | Yet to be Updated |
| Retail Maximum | Yet to be Updated | Yet to be Updated |
| S-HNI Minimum | Yet to be Updated | Yet to be Updated |
About Curefoods India Limited
Curefoods India Limited was incorporated in Bengaluru in 2020 and operates as a multi-brand food services company. The company builds and scales food brands across different categories and consumer occasions through a shared operating infrastructure.
Its portfolio covers healthy meals, biryani, pizza, South Indian food, doughnuts and coffee, gourmet pizza, cakes, desserts and other food categories. The company uses a combination of cloud kitchens, restaurants and kiosks to serve customers through delivery and offline channels.
Curefoods uses shared kitchen infrastructure, supply chain capabilities, technology and operational systems across its brand portfolio. The company also focuses on expanding its brand portfolio, increasing its presence in existing markets and developing its presence in Tier II+ cities.
Business Operations
Curefoods operates a multi-brand food services platform covering different food categories and consumer occasions.
- Healthy Food – EatFit offers nutrition-focused meals and healthy food options.
- Biryani and Indian Food – Sharief Bhai focuses on biryani, mandi, shawarma and related cuisines.
- Pizza and Italian Food – OLIO operates as a delivery-focused pizza and Italian food brand.
- South Indian Food – Arambam offers South Indian cuisine with a focus on millet-based offerings.
- Doughnuts and Coffee – Curefoods operates Krispy Kreme in India under its master franchise arrangement.
- Gourmet Pizza – Nomad Pizza provides premium pizza and Italian food offerings.
- Cakes and Desserts – CakeZone focuses on cakes, customised cakes and celebration products.
- Desserts and Beverages – Frozen Bottle offers milkshakes, desserts and ice-cream products.
Industry Overview
The Indian food services market has been changing with increasing online food ordering, organised food services, cloud kitchens, QSRs and digital-first food brands. Consumer preferences have also evolved towards convenience, customisation, healthier choices and diverse cuisines.
According to the RedSeer Report cited in the DRHP, the Indian food services market was valued at ₹6.60 trillion in 2024 and is projected to reach ₹12.00 trillion to ₹12.60 trillion by 2030, representing a projected CAGR of 10% to 11%.
Business Strategy
Curefoods focuses on expanding its portfolio of food brands and introducing brand extensions to address different cuisine and price segments. The company also plans to expand quick-commerce offerings and increase the density of its kitchens in key markets.
The company also aims to strengthen its offline presence, particularly in Tier II+ cities, through additional kiosks and restaurants while leveraging its existing supply chain and operating infrastructure.
Curefoods IPO Financial Information
A company’s financial performance provides insights into its revenue growth, profitability, operational efficiency and financial position. The following financial information is based on the Restated Consolidated Financial Information contained in the DRHP.
Curefoods Financial Summary
| Particulars | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
| Revenue from Operations | ₹382.04 Crore | ₹585.12 Crore | ₹745.80 Crore |
| Total Income | ₹411.55 Crore | ₹635.09 Crore | ₹775.49 Crore |
| EBITDA | -₹275.67 Crore | -₹82.77 Crore | -₹57.59 Crore |
| Profit Before Tax (PBT) | -₹342.73 Crore | -₹172.61 Crore | -₹169.97 Crore |
| Profit After Tax (PAT) | -₹342.73 Crore | -₹172.61 Crore | -₹169.97 Crore |
| Net Worth | ₹555.10 Crore | ₹454.69 Crore | ₹510.17 Crore |
| Total Borrowings | ₹131.18 Crore | ₹124.11 Crore | ₹300.88 Crore |
| Total Assets | ₹952.53 Crore | ₹866.15 Crore | ₹1,042.71 Crore |
The company’s revenue from operations increased from ₹382.04 crore in FY2023 to ₹745.80 crore in FY2025. However, the company reported losses during all three financial years, while EBITDA losses narrowed during the period.
Curefoods IPO Key Performance Indicators (KPIs)
Key Performance Indicators help investors assess the company’s financial and operating performance. The DRHP reports the following KPIs for FY2023 to FY2025.
| KPI | Value |
|---|---|
| Return on Equity (ROE) | -32.90% |
| Return on Capital Employed (ROCE) | -20.45% |
| PAT Margin | -22.79% |
| EBITDA Margin | -7.72% |
| Debt-to-Equity Ratio | 0.38x |
| Fixed Asset Turnover Ratio | 2.89x |
| EPS | -₹5.58 |
| Net Asset Value (NAV) Per Share | ₹17.84 |
The company reported negative profitability-related ratios for FY2025, while its service locations increased from 277 in FY2023 to 502 in FY2025. Revenue growth was 27.46% in FY2025.
Objects of the Curefoods IPO
The company intends to utilise the net proceeds from the fresh issue for the following purposes:
- Setting up new cloud kitchens, restaurants, kiosks and central kitchens under the Krispy Kreme brand.
- Expanding certain existing cloud kitchens through brand additions.
- Purchase of machinery and equipment.
- Repayment or pre-payment of certain borrowings.
- Lease payments for existing properties in India.
- Investment in Fan Hospitality Services Private Limited for additional shareholding and new kitchens, restaurants and central kitchens.
- Investment in Cakezone Foodtech Private Limited for additional shareholding and sales and marketing initiatives.
- Acquisition of additional shareholding in Millet Express Foods Private Limited, Munchbox Frozen Foods Private Limited and Yum Plum Private Limited.
- Payment of deferred consideration under the business transfer agreement with Jaika Hospitality Ventures Private Limited and its founders.
- Sales and marketing initiatives.
- Inorganic growth through unidentified acquisitions and strategic initiatives and general corporate purposes.
Curefoods IPO Listing Performance
The listing performance will be available after Curefoods shares are listed on the stock exchanges.
| Particular | Value |
|---|---|
| Listing Exchange | BSE & NSE |
| Listing Date | Yet to be Updated |
| Issue Price | Yet to be Updated |
| Listing Price | Yet to be Updated |
| Listing Gain | Yet to be Updated |
| Listing Gain (%) | Yet to be Updated |
Curefoods IPO Subscription Status
The subscription figures indicate the level of investor participation received during the IPO bidding period. Final subscription figures will be updated after the IPO opens for subscription.
Curefoods IPO Subscription
| Investor Category | Subscription |
|---|---|
| Qualified Institutional Buyers (QIB) | Yet to be Updated |
| Non-Institutional Investors (NII) | Yet to be Updated |
| Retail Individual Investors (RII) | Yet to be Updated |
| Employee Category | Yet to be Updated |
| Total Subscription | Yet to be Updated |
Curefoods IPO Review
Curefoods India Limited operates a multi-brand food services business covering several food categories through a combination of cloud kitchens, restaurants and kiosks. Its portfolio includes brands across healthy food, biryani, pizza, South Indian food, desserts, cakes and beverages.
The company has expanded its service network from 277 locations in FY2023 to 502 locations as of March 31, 2025. Revenue from operations increased from ₹382.04 crore in FY2023 to ₹745.80 crore in FY2025.
At the same time, Curefoods reported losses during FY2023, FY2024 and FY2025, with FY2025 PAT at -₹169.97 crore and EBITDA at -₹57.59 crore. Investors should therefore consider the company’s revenue growth, operating model, brand portfolio, financial losses, expansion requirements and the final IPO valuation when evaluating the issue.
Curefoods IPO Strengths
- Diversified portfolio of food brands across multiple categories.
- 502 service locations across more than 70 cities and towns as of March 31, 2025.
- Shared infrastructure across multiple brands.
- Growing revenue from operations over the reported financial years.
- Presence across cloud kitchens, restaurants and kiosks.
- Experienced promoter and management team backed by institutional investors.
Curefoods IPO Risk Factors
- The company has reported losses in each of the three reported financial years.
- The food services industry is highly competitive.
- The business depends on customer demand and changing consumer preferences.
- Expansion requires significant investment in kitchens, restaurants and other infrastructure.
- The company depends on food delivery platforms for a portion of its business.
- Food safety, regulatory requirements and operational disruptions may affect business performance.
Curefoods IPO Promoters
Curefoods India Limited is promoted by Ankit Nagori. The DRHP identifies Ankit Nagori as the Promoter, Chairman, Managing Director and Chief Executive Officer of the company.
Curefoods IPO Promoters Details
| Promoter | Designation |
|---|---|
| Ankit Nagori | Promoter |
Curefoods IPO Management Team
The company is led by an experienced board and management team with experience across food services, operations, finance, business development and corporate functions.
| Name | Designation |
|---|---|
| Ankit Nagori | Chairman, Managing Director and Chief Executive Officer |
| Gokul Kandhi Umayorubhagan | Executive Director and Chief Operating Officer |
| Godavarti Sivarama Bhaskar | Chief Financial Officer |
| Richa Sharma | Company Secretary and Compliance Officer |
| Dilip Singh Verma | Chief Development Officer |
| Shini K. Patel | Chief Business Officer |
| Kshitij Budhani | Chief Operating Officer – Olio Pizza |
| Shashi Ranjan Singh | Chief Operating Officer – Sharief Bhai |
Curefoods IPO Registrar Details
The registrar is responsible for processing IPO applications, finalising the basis of allotment, crediting shares to successful applicants, initiating refunds and handling investor-related services.
| Particular | Details |
|---|---|
| Registrar Name | KFin Technologies Limited |
| Website | https://www.kfintech.com |
| IPO Allotment Status | Yet to be Updated |
| Email ID | [email protected] |
| Contact Number | +91 40 6716 2222 / 1800 309 4001 |
The registrar details are provided in the Curefoods DRHP and public announcement.
Curefoods IPO Lead Manager Details
The Book Running Lead Managers are responsible for managing the IPO process, coordinating regulatory compliance and assisting the company throughout the public issue.
| Particular | Details |
|---|---|
| Lead Managers | JM Financial Limited, IIFL Capital Services Limited and Nuvama Wealth Management Limited |
Curefoods India Limited Contact Details
| Particular | Details |
|---|---|
| Company Name | Curefoods India Limited |
| Registered Office | No. 72/4, Roopena Agrahara, Hosur Road, Madiwala Post, Bengaluru, Karnataka – 560068 |
| Website | https://www.curefoods.in |
| Email ID | [email protected] |
| Contact Person | Richa Sharma, Company Secretary and Compliance Officer |
The registered office and contact details are provided in the DRHP.
How to Check Curefoods IPO Allotment Status
Investors can check the IPO allotment status after the basis of allotment is finalised through the registrar’s website or the BSE IPO portal.
Through KFin Technologies Limited
- Visit the official KFin Technologies IPO allotment portal.
- Select Curefoods IPO from the IPO list.
- Choose PAN Number, Application Number, or DP/Client ID.
- Enter the required details.
- Click Submit to view the allotment status.
Through BSE
- Visit the official BSE IPO allotment page.
- Select Curefoods IPO from the list of IPOs.
- Enter your PAN Number or Application Number.
- Complete the verification process if required.
- Click Search to view the allotment result.
Curefoods IPO Conclusion
Curefoods IPO comprises a fresh issue of up to ₹800 crore along with an Offer for Sale of up to 4,85,37,599 equity shares. The company operates a multi-brand food services platform with brands spanning several food categories and a network of cloud kitchens, restaurants and kiosks.
The company has recorded growth in revenue and service locations, while its financial statements also show continuing losses. The IPO proceeds are proposed to support expansion, debt repayment, lease payments, investments in subsidiaries, sales and marketing and strategic initiatives.
The final price band, issue dates, lot size, total offer size, subscription figures and listing details will need to be updated once officially disclosed in the final offer documents.
Curefoods IPO FAQs
What is Curefoods IPO?
Curefoods IPO is a proposed Mainboard public issue of Curefoods India Limited comprising a fresh issue of up to ₹800 crore and an Offer for Sale of up to 4,85,37,599 equity shares.
What is the price band of Curefoods IPO?
The price band of Curefoods IPO is yet to be announced.
What is the issue size of Curefoods IPO?
The fresh issue size is up to ₹800 crore. The final total issue size will depend on the Offer for Sale price and final offer structure.
When will the Curefoods IPO open?
The Curefoods IPO opening date is yet to be announced.
When will the Curefoods IPO close?
The Curefoods IPO closing date is yet to be announced.
On which stock exchanges will Curefoods shares be listed?
Curefoods shares are proposed to be listed on the BSE and NSE.
Who is the registrar for Curefoods IPO?
KFin Technologies Limited is the registrar to the Curefoods IPO.
What is the face value of Curefoods IPO shares?
The face value of each Curefoods equity share is ₹1.
What does Curefoods India Limited do?
Curefoods India Limited operates a multi-brand food services business with brands across healthy food, biryani, pizza, South Indian food, desserts, cakes and beverages.
What are the objects of the Curefoods IPO?
The company proposes to use the fresh issue proceeds for expansion of kitchens, restaurants and kiosks, repayment or pre-payment of borrowings, lease payments, investments in subsidiaries, sales and marketing, acquisitions and strategic initiatives, and general corporate purposes.
