Cloud-kitchen operator Curefoods India has secured ₹160 crore in a pre-IPO placement from 3State Ventures, the investment firm led by Flipkart co-founder Binny Bansal. The deal was struck at ₹124 per share and involved the allotment of 1.28 crore equity shares, the company said.
The placement was cleared through a board resolution on September 10, 2025, followed by shareholder approval on September 15, 2025; the issuance will be counted toward the sizing of the fresh issue under regulatory norms. Bansal is an existing investor in Curefoods and has a long-standing working relationship with founder Ankit Nagori from their Flipkart years.
3State Ventures was already among Curefoods’ largest backers; Nagori remained the single-largest shareholder with about 17.3% before this round. In 2023, Bansal’s firm had invested ₹240 crore in the company via a mix of primary, secondary and debt.
IPO prep and use of proceeds
Curefoods filed its DRHP in June 2025 for an IPO that includes a fresh issue of up to ₹800 crore along with an offer for sale by existing shareholders. The DRHP outlines that net proceeds will go toward expanding cloud kitchens, kiosks and restaurants; prepayment/repayment of borrowings; investment in subsidiary Fan Hospitality; working capital; and general corporate purposes. JM Financial, IIFL Capital Services and Nuvama Wealth Management are the book-running lead managers.
What Curefoods looks like today
Founded in 2020 by Ankit Nagori, Curefoods operates a multi-brand food platform spanning delivery and non-delivery formats, cloud kitchens, kiosks and restaurants. Its portfolio includes EatFit, CakeZone, Nomad Pizza, Frozen Bottle and Sharief Bhai, among others.
Operationally, the company says it has scaled to 500+ service locations across 70 cities, and has expanded overseas with the Sharief Bhai brand in the UAE.
Financials: Curefoods reported revenue of ₹745.8 crore, up from ₹585.1 crore in FY24; losses narrowed to ₹172.6 crore year-on-year.
Competitive set: The company competes with players such as Rebel Foods, EatClub and Biryani By Kilo in India’s cloud-kitchen market.
For an IPO-bound consumer-internet brand, a targeted pre-IPO placement from a marquee, long-term backer is a vote of confidence as the company transitions from growth at scale to public-market discipline.
In Curefoods’ case, the capital lands just as it formalises IPO contours and earmarks proceeds for network expansion and balance-sheet strengthening, indicating a measured ramp-up rather than a pure burn-fuelled sprint.
