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.

Hero Future Energies (HFE), part of the Hero Group, is gearing up for a ₹3,500 crore initial public offering (IPO) to raise capital from public investors. The company is currently in discussions with potential underwriters, and four investment banks are expected to manage the offering. Legal counsel for the IPO is likely to be provided by Cyril Amarchand Mangaldas. The public offering will also serve as an opportunity for existing investors such as KKR and the International Finance Corporation (IFC) to partially exit their stakes. The Munjal family remains the controlling shareholder of HFE, overseeing its strategic direction and expansion into renewable energy. HFE has established a significant presence in India, where most of its renewable power generation assets are concentrated. However, the company has been expanding internationally, with operations in the UK, Ukraine, Singapore, Vietnam, and Bangladesh. Its official headquarters are based in the UK, where it is focusing on battery energy storage and behind-the-meter projects, which involve installing renewable energy generation units in buildings and homes. In Bangladesh, the company is engaged in solar energy projects tailored for the fisheries sector, while in Vietnam, it is actively developing rooftop solar installations. The company has broader plans to deepen its presence in Southeast Asia, capitalizing on the region’s growing demand for clean energy solutions. Additionally, HFE is exploring opportunities in the Middle East, considering joint ventures as a means to enter the market. In September 2024, Chairman Rahul Munjal shared the company’s ambitious plans at an industry event, revealing that HFE aims to invest $20 billion over the next six years to scale up its capacity by nearly 16 times. This investment will cover solar and wind energy projects, along with significant advancements in battery storage technology. As part of its growth strategy, HFE recently signed a Memorandum of Understanding (MoU) with the Karnataka government, committing ₹11,000 crore toward green projects, including hydrogen production. This initiative is expected to create approximately 3,000 jobs and significantly contribute to India’s renewable energy goals. The company also recently commissioned a 29 MWp solar project in Chitradurga, Karnataka, which is designed to supply clean energy to commercial and industrial customers. This project alone is set to produce 33 million energy units annually, reducing carbon dioxide emissions by over 31,000 tonnes. HFE currently operates 1.8 gigawatts of renewable energy generation assets in India, with projects spread across Rajasthan, Maharashtra, Karnataka, Tamil Nadu, Telangana, Andhra Pradesh, and Madhya Pradesh. In addition to its operational capacity, the company has a broader portfolio of 5.2 gigawatts, with many projects still under construction. Nearly 43% of the power generated by HFE’s operational plants is sold through contracts with the Solar Energy Corporation of India (SECI), while the remaining energy is supplied directly to state distribution companies and captive customers, including the Hero Group itself. By leveraging both long-term power purchase agreements and direct industrial supply, the company ensures steady revenue streams and mitigates risks associated with fluctuations in market demand. Ahead of the IPO, HFE has engaged in a pre-IPO fundraising round with JP Morgan, aiming to secure $200 million in equity. This move is part of a broader financial strategy that combines internal resources, debt financing, and equity issuance to optimize its valuation post-IPO. The timing of HFE’s IPO aligns with India’s aggressive push to achieve 500 gigawatts of non-fossil fuel capacity by 2030, making the company an attractive investment prospect for those looking to capitalize on the country’s green energy transition. However, HFE will face strong competition from established players like Tata Power and Adani Green Energy, both of which have substantial footprints in the renewable energy sector. To differentiate itself, HFE is focusing on integrating Artificial Intelligence (AI) for grid optimization and energy storage, enhancing efficiency and reducing costs. Despite its strong growth trajectory, HFE will face challenges in executing its expansion plans. Navigating complex regulatory landscapes, securing approvals for large-scale projects, and managing global supply chain disruptions will be crucial factors influencing its success. The overall performance of the IPO will depend on investor sentiment toward clean energy investments, as well as HFE’s ability to position itself as a leader in the space. Given its track record in project execution and commitment to innovation, the company appears well-positioned for long-term success. A successful IPO could also encourage other renewable energy firms in India to consider public listings, further boosting investment in the sector. While the IPO presents a significant opportunity for investors, it is important to approach it with an understanding of the risks involved. The renewable energy sector, despite its potential for high growth, is still subject to policy changes, infrastructure challenges, and market fluctuations. Investors should evaluate the long-term viability of HFE’s business model, particularly its ability to sustain profitability while expanding aggressively. The transition to clean energy is inevitable, and companies like HFE are at the forefront of this shift. Whether the IPO meets its fundraising goals and attracts strong investor interest remains to be seen, but it certainly marks a pivotal moment for Hero Future Energies and the broader renewable energy landscape in India. Disclaimer: This news is for educational purposes only. The securities and investments mentioned are not recommendations.