Curefoods, the cloud kitchen operator founded by Cure.fit co-founder Ankit Nagori, has filed its Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) to raise ₹800 crore through an Initial Public Offering (IPO). The IPO comprises a fresh issue worth ₹300 crore and an offer for sale (OFS) of shares aggregating up to ₹500 crore by existing investors.
This development marks a significant milestone in Curefoods’ journey as it seeks to consolidate its position in India’s rapidly growing online food delivery and cloud kitchen market.
✅ IPO Snapshot
| Parameter | Details |
|---|---|
| Company Name | Curefoods Ltd. |
| IPO Size | ₹800 crore |
| Fresh Issue | ₹300 crore |
| Offer for Sale (OFS) | ₹500 crore |
| SEBI Filing Status | DRHP Filed |
| Use of Proceeds | Expansion of cloud kitchens, debt repayment, brand acquisitions, general corporate purposes |
| Lead Managers | ICICI Securities, Axis Capital, Kotak Mahindra Capital |
| Registrar | Link Intime India Pvt Ltd. |
| Exchange Listing | NSE, BSE |
| Industry | Cloud Kitchen & Foodtech |
🔍 About Curefoods
Founded in 2020 by Ankit Nagori, Curefoods has emerged as one of India’s largest cloud kitchen operators. The company runs over 150 kitchens across 15 cities and owns a diverse portfolio of food brands, including:
- EatFit (healthy food brand)
- CakeZone (dessert brand)
- Great Indian Khichdi
- Aligarh House Biryani
The Bengaluru-based company focuses on health-conscious offerings alongside popular Indian and dessert cuisines, positioning itself uniquely amid aggressive competitors like Rebel Foods and FreshMenu.
📈 Financial Performance Overview
The table below summarises Curefoods’ key financial metrics from FY21 to FY24:
Table 1: Curefoods Financials (₹ in Crores)
| Financial Year | Revenue from Operations | EBITDA | Net Profit / (Loss) | Total Assets | Net Worth |
|---|---|---|---|---|---|
| FY 2020-21 | ₹98.3 | ₹(35.7) | ₹(49.5) | ₹210.8 | ₹80.6 |
| FY 2021-22 | ₹180.6 | ₹(22.1) | ₹(35.3) | ₹295.2 | ₹90.2 |
| FY 2022-23 | ₹312.9 | ₹(7.8) | ₹(12.5) | ₹385.6 | ₹110.4 |
| FY 2023-24 | ₹485.4 | ₹12.2 | ₹5.7 | ₹505.3 | ₹135.1 |
✅ Key Highlights:
- Revenue CAGR (FY21–FY24): 70.5%
- EBITDA margin turns positive in FY24 after three years of negative margins.
- Net profit achieved in FY24 indicates operational maturity.
🌐 Business Strategy and Growth Plans
Curefoods plans to deploy the IPO proceeds strategically:
Table 2: Use of IPO Funds
| Purpose | Amount (₹ Cr) | % of Fresh Issue |
|---|---|---|
| Expansion of cloud kitchen network | ₹120 crore | 40% |
| Acquisition of new brands | ₹80 crore | 26.67% |
| Debt repayment | ₹60 crore | 20% |
| General corporate purposes | ₹40 crore | 13.33% |
📊 Market Opportunity and Competitive Landscape
India’s Cloud Kitchen Market Outlook
The Indian cloud kitchen market is projected to grow at a CAGR of 15-20%, reaching ₹20,000 crore by 2027, driven by:
- Increased urbanisation and nuclear households
- Busy lifestyles demanding quick food delivery
- Health-conscious and diverse cuisine preferences
Table 3: Competitor Comparison (FY24)
| Company | Revenue (₹ Cr) | EBITDA Margin (%) | Brands Owned | Listed? |
|---|---|---|---|---|
| Curefoods | ₹485.4 | +2.5% | 15+ | Filing IPO |
| Rebel Foods | ₹1,500 | +5.2% | 45+ | No |
| FreshMenu | ₹125 | +1.8% | 10+ | No |
| Box8 | ₹230 | +3.4% | 8 | No |
Curefoods ranks second in revenue scale but has the fastest turnaround from net loss to profit among peers.
🔮 Future Plans
- Expand to Tier-2 & Tier-3 cities: Leveraging EatFit’s brand pull for healthy meals.
- Strengthen dessert vertical: CakeZone to expand with 50+ new units in 2 years.
- Adopt AI-led inventory and demand forecasting: To minimise wastage and optimise delivery times.
- Integrate ESG goals: Adoption of biodegradable packaging and EV-based deliveries.
📉 Risks and Challenges
While Curefoods has scaled rapidly, the DRHP notes potential risks:
- Intense competition from Zomato, Swiggy, Rebel Foods.
- High operational leverage: Profitability sensitive to order volumes.
- Supply chain disruptions: Especially in perishable categories.
- Brand acquisition risks: Integration challenges post-acquisition.
💡 Graphical Representation: Revenue & Profit Trend
Graph: Revenue vs Net Profit (FY21–FY24)
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FY21 | Revenue: ₹98.3 Cr | Net Loss: ₹(49.5) Cr
FY22 | Revenue: ₹180.6 Cr | Net Loss: ₹(35.3) Cr
FY23 | Revenue: ₹312.9 Cr | Net Loss: ₹(12.5) Cr
FY24 | Revenue: ₹485.4 Cr | Net Profit: ₹5.7 Cr
🗨️ Founder’s Vision
Commenting on the IPO plans earlier, founder Ankit Nagori stated:
“Curefoods is on a mission to build India’s largest house of food brands that cater to the modern Indian palate. This IPO will empower us to reach more cities and deliver consistent, high-quality food to millions.”
📅 Next Steps
Upon SEBI approval, Curefoods will:
- Announce its IPO date and price band.
- Conduct roadshows to attract institutional investors.
- Finalise allotment basis and listing within FY25-Q4.
Market analysts expect the IPO to be well received due to the company’s profitable turnaround and strong brand portfolio, although valuation will remain key in a competitive landscape.
📌 Disclaimer
This news article is intended for informational purposes only and does not constitute investment advice. Readers are advised to consult professional financial advisors before making any investment decisions.
