Curefoods raises ₹160 crore in pre-IPO placement from Binny Bansal’s 3State Ventures

Ankit Nagori-led multi-brand cloud kitchen operator Curefoods has raised ₹160 crore in a pre-IPO placement from 3State Ventures, the investment arm of Flipkart co-founder Binny Bansal.

According to a regulatory filing, the company allotted 1.28 crore equity shares at ₹124 per share to 3State Ventures. The board cleared the placement on September 10, 2025, followed by shareholder approval on September 15.

The transaction will be adjusted in the sizing of the fresh issue under SEBI’s ICDR norms.

Curefoods had filed its Draft Red Herring Prospectus (DRHP) with SEBI in June 2025, proposing an IPO comprising a fresh issue of up to ₹800 crore and an offer-for-sale of 4.08 crore shares by existing investors. Promoter Ankit Nagori will not participate in the OFS.

The Bengaluru-based company operates a portfolio of popular food brands, including EatFit, Nomad Pizza, CakeZone, Frozen Bottle, Millet Express, and Sharief Bhai, along with partnerships such as Krispy Kreme.

As of March 31, 2025, Curefoods had a presence across 502 service locations in 70+ cities, supported by 281 cloud kitchens, 122 restaurants, 99 kiosks, 13 warehouses, and five central kitchens.

The company reported revenues of ₹7,457.96 million in FY25, nearly doubling from ₹3,820.42 million in FY23 — a CAGR of 39.7%. Curefoods says it is the first Indian food services company outside of delivery marketplaces to cross ₹7,500 million in annual revenues within five years of operations, according to a RedSeer report.

The company’s DRHP outlines plans to use IPO proceeds for expanding kitchens, kiosks, and restaurants, repaying debt, investing in subsidiary Fan Hospitality, meeting working capital needs, and general corporate purposes.

JM Financial, IIFL Capital Services, and Nuvama Wealth Management are the book-running lead managers to the issue.

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