In a timely pre-IPO infusion, Bengaluru-based cloud kitchen operator Curefoods has raised ₹160 crore ($18 million) from Flipkart co-founder Binny Bansal’s investment arm, 3State Ventures. Announced on September 26, 2025, this strategic placement values the company at ₹4,000 crore ($450 million) and comes just months after filing its Draft Red Herring Prospectus (DRHP) with SEBI in June 2025 for a proposed ₹800 crore IPO. The funding, involving the allotment of 1.28-1.3 crore equity shares at ₹124 each, was approved by the board on September 10 and shareholders on September 15, and will be adjusted against the fresh issue in the upcoming public offering.
Founded in 2020 by former Flipkart executive Ankit Nagori, Curefoods operates a portfolio of popular delivery-first brands like EatFit, Nomad Pizza, CakeZone, Frozen Bottle, Sharief Bhai, and Krispy Kreme across over 500 locations in 70+ cities. This round reinforces Bansal’s ongoing backing—3State Ventures was already the second-largest shareholder with a prior ₹240 crore investment in 2023—signaling strong confidence in the food services sector’s scalability amid India’s $80 billion market boom. For investors and food tech enthusiasts, this move highlights Curefoods’ path to profitability through cloud kitchens’ low-overhead model.
Funding Details: Pre-IPO Placement and IPO Roadmap
The ₹160 crore raise is a classic pre-IPO maneuver, providing immediate capital for growth while streamlining the public listing. Curefoods allotted shares to 3State Ventures at a premium, boosting its valuation ahead of the IPO, which includes a fresh issue of up to ₹800 crore and an Offer for Sale (OFS) of 4.08-4.85 crore shares by existing investors like Iron Pillar, Chiratae Ventures, Accel India, and Alteria Capital. Proceeds from the IPO will fuel cloud kitchen expansions, kiosk and restaurant setups, debt repayment, and investments in subsidiary Fan Hospitality.
Here’s a quick breakdown:
| Aspect | Details |
|---|---|
| Investment Amount | ₹160 crore ($18 million) |
| Investor | 3State Ventures (Binny Bansal’s arm) |
| Share Allotment | 1.28-1.3 crore equity shares at ₹124 each |
| Valuation | ₹4,000 crore ($450 million) |
| IPO Size | ₹800 crore fresh issue + OFS of 4.08-4.85 crore shares |
| Lead Managers | JM Financial, IIFL Capital, Nuvama Wealth |
This placement aligns with SEBI norms, reducing the fresh issue component in the IPO while maintaining momentum.
Financial Growth: From Startup to Revenue Powerhouse
Curefoods has demonstrated impressive scaling, becoming the first Indian food services company outside delivery marketplaces to surpass ₹7,500 crore in annual revenues within five years, per RedSeer. Revenue from operations hit ₹745.8 crore in FY25, up from ₹585.1 crore in FY24 and ₹382 crore in FY23—a 39.7% CAGR. Losses narrowed slightly to ₹170 crore in FY25 from ₹172.6-173 crore in FY24, reflecting efficiencies in multi-brand operations and tech-driven supply chains.
The company’s asset-light model—leveraging shared kitchens for multiple brands—has driven this growth, with expansions into Tier-2/3 cities and partnerships like Krispy Kreme boosting margins.
Strategic Implications: Bansal’s Bet on Food Tech and IPO Momentum
Binny Bansal’s investment underscores his focus on consumer tech, building on his Flipkart legacy and prior stakes in Curefoods via Nagori’s connections. For Curefoods, it accelerates ambitions in a competitive landscape against players like Rebel Foods and Faasos, emphasizing delivery-first scalability over dine-in overheads.
This pre-IPO cash could catalyze further acquisitions or tech upgrades, positioning Curefoods as an IPO frontrunner in the food delivery surge. Analysts see it as a vote of confidence, potentially attracting more anchors for the listing.
Conclusion: Curefoods Gears Up for IPO with Bansal’s Backing
Curefoods’ ₹160 crore raise from Binny Bansal is more than funding—it’s a launchpad for its ₹800 crore IPO, fortifying expansion in India’s red-hot food services market. With robust revenue growth and marquee support, the company is primed to redefine cloud kitchens, blending tech, taste, and efficiency. ET
