Curefoods, a cloud kitchen startup founded in 2020 by former Flipkart executive Ankit Nagori, is preparing for an initial public offering (IPO) as it seeks to raise capital and expand its operations. The company is currently in discussions with investment banks and legal firms to manage the IPO process, with plans to raise between $300 million and $400 million through the offering. While the IPO is tentatively scheduled for the latter half of the fiscal year beginning in April 2025, the final size of the offering will depend on the extent of secondary share sales by existing investors. This move comes at a time when market interest in new-age tech-driven startups is on the rise, creating a favorable environment for companies looking to go public.

Since its inception, Curefoods has rapidly grown into a major player in India’s cloud kitchen space, operating over 500 cloud kitchens and offline stores across 40 cities. The company has built a diverse portfolio of food brands catering to a variety of customer preferences, leveraging both organic growth and strategic acquisitions. It has aggressively expanded its business by acquiring well-known brands, including Frozen Bottle, and recently announced a deal to acquire Krispy Kreme’s operations in South and West India. Along with these acquisitions, Curefoods manages multiple food brands such as EatFit, CakeZone, Nomad Pizza, Sharief Bhai Biryani, and Frozen Bottle, creating a broad and diverse customer base across various food categories.

The financial trajectory of Curefoods reflects significant growth, with its consolidated revenue for FY24 reaching ₹585 crore, marking a 53% increase compared to the previous fiscal year. This strong revenue growth aligns with the company’s long-term strategy of scaling its presence across India and strengthening its brand portfolio. According to company filings with the Registrar of Companies (ROC), Curefoods is projecting an annual revenue run-rate of approximately ₹1,000 crore by the end of FY25. However, despite substantial revenue gains, the company is yet to achieve profitability. Curefoods reported a consolidated loss of ₹172.6 crore in FY24, a significant improvement from the ₹342.7 crore loss recorded in the previous fiscal year. This represents a 49.64% reduction in net losses, indicating that the company is making progress in its efforts to improve financial efficiency. Alongside the reduction in losses, Curefoods reported a 53.17% increase in operating revenue, underscoring its ability to scale operations while improving financial stability.

The startup has attracted investment from several high-profile venture capital firms, including Accel, Iron Pillar, and Chiratae Ventures. In March of the previous year, Curefoods secured INR 300 crore (approximately $36 million) in funding from Flipkart co-founder Binny Bansal’s Three State Ventures. This round included a combination of primary and secondary equity as well as debt financing, strengthening Curefoods’ financial position ahead of its public listing. The company’s ability to attract substantial investment from seasoned investors highlights its potential as a strong contender in the food-tech and cloud kitchen space, an industry that continues to experience high demand as consumer behavior shifts towards convenient, delivery-based dining experiences.

Curefoods’ IPO plans align with a broader trend in India’s startup ecosystem, as several high-growth companies prepare to go public in 2025. At least 20 startups are expected to launch IPOs that year, reflecting a renewed investor interest in new-age technology-driven businesses. Some of the notable startups considering public listings in 2025 include Ather Energy, Fractal, ArisInfra, Ecom Express, Zepto, BlueStone, and Smartworks. Additionally, several other major companies such as InMobi, Lenskart, Groww, Zetwerk, OfBusiness, and Pine Labs are preparing for mega IPOs, signaling strong momentum in India’s public markets.

Curefoods’ entry into the stock market is expected to draw significant attention from investors, particularly those looking for exposure to the rapidly expanding cloud kitchen and food-tech sector. With a strong portfolio of brands, strategic acquisitions, and a steadily improving financial position, the company is positioning itself for long-term success. However, as with any IPO, investors will closely evaluate key factors such as profitability timelines, market competition, and the overall sustainability of its business model before making investment decisions. While Curefoods’ growth trajectory is promising, the food industry remains competitive, requiring continuous innovation and efficient operational management to maintain its momentum in the evolving market.

As the company gears up for its IPO, the market will be watching closely to see how Curefoods navigates the transition from a venture-backed startup to a publicly traded company. The success of the IPO will not only impact its own future but could also influence investor sentiment toward other upcoming startup listings. If Curefoods manages to execute its strategy effectively and demonstrate a clear path to profitability, it could pave the way for further investments in India’s burgeoning cloud kitchen and food delivery industry. With strong financial backing, a growing brand portfolio, and a market ripe for expansion, Curefoods is set to play a key role in shaping the future of India’s food-tech landscape.

Disclaimer: This news is for educational purposes only. The securities and investments mentioned are not recommendations.