Curefoods secures ₹160 crore pre-IPO placement from 3State Ventures

Curefoods allots 12.8 million equity shares at Rs 124 each to Binny Bansal's 3State Ventures in a pre-IPO placement, ahead of its Rs 800 crore fresh issue and OFS under SEBI norms

Curefoods India Limited, the cloud kitchen operator, has raised Rs 160 crore in a pre-IPO placement, allotting 12.8 million equity shares at Rs 124 per share to 3State Ventures Pte Ltd, the investment firm of Flipkart co-founder Binny Bansal. The placement was approved by the Board through a resolution on September 10, 2025, and by shareholders through a resolution on September 15, 2025. It will be factored into the sizing of the fresh issue under SEBI ICDR norms.

 

Expanding portfolio of food brands 

Promoted by Ankit Nagori, Curefoods has grown into one of India’s largest cloud kitchen operators, with a portfolio of well-known food brands including EatFit, Nomad Pizza, CakeZone, Frozen Bottle, and Sharief Bhai, along with tie-ups such as Krispy Kreme. The company has scaled rapidly by leveraging technology, standardised operations, and a multi-brand strategy to meet India’s rising demand for quality and convenient food delivery.

 

IPO details and DRHP filing 

The company filed its draft red herring prospectus (DRHP) in June 2025 with Sebi for a proposed IPO comprising a fresh issue of up to Rs 800 crore and an offer for sale (OFS) of 4.08 crore equity shares by existing shareholders including Iron Pillar PCC, Chiratae Ventures, Crimson Winter Limited, and Accel India V.

 

Use of proceeds 

According to the DRHP, the net proceeds from the fresh issue will be used for expanding cloud kitchens, kiosks, restaurants, and related infrastructure. Funds will also go towards prepayment or repayment of certain borrowings, investment in subsidiary Fan Hospitality, meeting working capital requirements, and general corporate purposes.

 

Lead managers 

JM Financial Limited, IIFL Capital Services Limited (formerly known as IIFL Securities Limited), and Nuvama Wealth Management Limited are the book running lead managers to the issue.