Curefoods Bags Sebi Approval for ₹800 Crore IPO

The Indian food-tech space just got another reason to buzz. Bengaluru-based Curefoods, one of the country’s most prominent cloud kitchen startups, has finally received the green light from SEBI to raise around ₹800 crore through an Initial Public Offering (IPO).

Now, if you’ve been following India’s startup scene lately, you’d know this move was coming. The brand’s been steadily growing, snapping up smaller food labels and expanding like crazy across cities. So yes, the IPO approval doesn’t feel like a surprise—it feels more like a well-timed next step in its journey.

And what’s refreshing? Founder Ankit Nagori isn’t cashing out. No share sale, no “partial exit.” He’s clearly betting big on Curefoods’ long-term play.

A Quick Look at Curefoods’ Growing Empire

Curefoods started off with a simple but solid idea—why limit food delivery to restaurant menus when you can build your own brands that live entirely online?

Today, the company operates a multi-brand cloud kitchen network that powers popular names like EatFit, CakeZone, and a bunch of others, catering to everyday cravings. From wholesome bowls to indulgent desserts, Curefoods has something for every mood (and every diet plan you’ve probably already abandoned).

Backed by big-name investors like Accel Partners, Iron Pillar, and Chiratae Ventures, Curefoods has built an impressive footprint—dozens of cities, hundreds of kitchens, and millions of orders each month. It’s fast, it’s scalable, and honestly, it’s one of those few food-tech startups that’s managed to stay relevant even as trends change.

What’s in the IPO Bag?

According to the draft papers, Curefoods plans to raise ₹800 crore through a combination of fresh equity and an offer-for-sale (OFS) by early investors. Iron Pillar is expected to offload a chunk of its shares—about 1.9 crore—while the rest of the proceeds will help the brand fund its next growth phase.

No dramatic founder exits here. Nagori is staying put, which says a lot. When the founder decides not to sell even a slice of their stake, it signals confidence—both in the business model and in what lies ahead.

How Curefoods Plans to Use the Funds

The company has been pretty clear about where the IPO money will go:

• Expanding kitchen capacity — more kitchens across Tier 2 and Tier 3 cities, because the next wave of growth is happening outside metros.
• Debt reduction — repaying borrowings to keep the balance sheet cleaner.
• Brand building and marketing — strengthening customer recall for its flagship brands like EatFit and CakeZone.

Essentially, Curefoods wants to become a household name—not just another delivery brand you scroll past while choosing dinner on Zomato.

Why This Move Matters in the Big Picture

Let’s be honest—the cloud kitchen model was once seen as risky. No fancy dine-in experience, no premium real estate, just kitchens running behind the scenes. But Curefoods has shown how powerful that model can be when executed well.

India’s food delivery market has exploded, thanks to platforms like Swiggy and Zomato. People are eating out less, but ordering in way more. And with affordable pricing and solid tech integration, cloud kitchens have quietly become the backbone of this delivery revolution.

So Curefoods going public is not just about one company—it’s a sign that cloud kitchens have gone mainstream. The market’s maturing, investors are interested, and the public is ready to bet on businesses that serve from behind the scenes.

Inside Curefoods’ Business Model — What Works and What Doesn’t

Here’s the thing—Curefoods isn’t just running one brand. It’s more like a portfolio of food identities under one roof. This multi-brand strategy spreads risk. If one cuisine dips in popularity, another picks up the slack.

The company thrives on a delivery-first setup—meaning lower overhead costs than a traditional restaurant, faster scalability, and direct-to-consumer reach.

But, there’s a flip side. Curefoods relies heavily on food delivery aggregators like Swiggy and Zomato. And let’s face it, those commission structures can sting. The unit economics in this space are fragile—margins can get eaten up quickly by delivery costs, packaging, and promotions.

Still, Curefoods seems to have cracked part of the puzzle: customer trust. EatFit, for instance, has carved out a niche as a health-conscious yet affordable brand—something that’s not easy to do in India’s fast-food-obsessed market.

Challenges That Can’t Be Ignored

Sure, the IPO is exciting—but the real challenge begins after the listing.

• Profitability pressure: Scaling fast is one thing; doing it sustainably is another. Food-tech margins are thin, and customer loyalty can be fickle.
• Operational complexity: Running 500 kitchens across multiple cities isn’t exactly a walk in the park. Maintaining consistency in taste and quality takes both tech and human precision.
• Competition: Everyone from Rebel Foods to Swiggy’s own private brands is vying for the same consumer wallet. Standing out in that crowd will take more than clever marketing.

If Curefoods can manage these hurdles, it could set the benchmark for how cloud kitchens transition into publicly listed giants.

What This Means for Investors and the Industry

For investors, this IPO might be a breath of fresh air. It’s not another SaaS or fintech listing—it’s a real consumer brand with everyday relevance. And given how eating habits are shifting toward convenience and affordability, there’s definitely long-term potential here.

For the industry, it’s validation. Cloud kitchens are no longer “just a pandemic experiment.” They’re here to stay. Expect more such startups—especially well-funded ones—to test the IPO waters soon.

Competitors, on the other hand, will have to double down on efficiency, branding, and profitability if they want to stay in the race.

Quick Facts at a Glance

FAQs

Q1. What is Curefoods raising money for?

To expand its kitchen network, repay loans, and strengthen brand visibility across India.

Q2. Who’s selling shares in the IPO?

Existing investors like Iron Pillar and Accel are partially exiting via the OFS route.

Q3. Is this India’s first cloud kitchen IPO?

Pretty close. It’s among the first few big-ticket ones and could pave the way for others.

Q4. What’s Curefoods’ biggest challenge post-IPO?

Sustaining margins while scaling rapidly—something most food-tech firms struggle with.

Q5. Why does this IPO matter for the industry?

It signals growing public market confidence in delivery-led, tech-driven food brands.

Final Take

Curefoods’ upcoming IPO is a defining moment for India’s cloud kitchen scene. It’s not just about raising ₹800 crore—it’s about proving that a delivery-only food brand can dream big and go public.

But of course, the journey ahead won’t be all smooth. The company has to juggle expansion, consistency, and profitability—all while keeping investors happy.

Still, if any brand looks ready to pull it off, Curefoods might just be it. And if things go well, this could inspire a whole new generation of Indian food-tech startups to take their place on Dalal Street.

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