Food-tech firm Curefoods India Ltd has received approval from the Securities and Exchange Board of India (SEBI) to launch its initial public offering (IPO), according to MoneyControl. The Bengaluru-based company, which owns brands such as EatFit, CakeZone, and Nomad Pizza, is preparing to enter the public markets after filing its draft prospectus in June 2025.
As per the Draft Red Herring Prospectus (DRHP), the IPO will comprise a fresh issue of shares worth Rs 800 crore and an offer for sale (OFS) of up to 4.85 crore equity shares by existing shareholders. Curefoods may also consider a pre-IPO placement of up to Rs 160 crore, which would proportionally reduce the size of the fresh issue.
The selling shareholders include Iron Pillar PCC (through Cell C and Cell E), Crimson Winter Ltd, Accel India V (Mauritius) Ltd, Chiratae Ventures India Fund IV, and Chiratae Ventures Master Fund IV.
The IPO will be managed by JM Financial Ltd, IIFL Capital Services Ltd, and Nuvama Wealth Management Ltd as Book Running Lead Managers, while KFin Technologies Ltd will act as the registrar.
Founded in 2020 by Ankit Nagori, Curefoods operates more than 500 kitchens across India and manages a portfolio of food brands, including EatFit, CakeZone, Frozen Bottle, Sharief Bhai, Nomad Pizza, Masalabox, and Millet Express. The company consolidates and scales multiple restaurant brands through acquisitions and operates both cloud kitchens and offline outlets under its subsidiaries, such as Cakezone Foodtech Pvt. Ltd. and Fan Hospitality Services Pvt. Ltd.
How Will Curefoods Utilise the Proceeds from the IPO
Curefoods intends to deploy the net proceeds from the fresh issue across capacity expansion, debt reduction, and strategic investments. The company will spend about Rs 152.54 crore on setting up new cloud kitchens, restaurants, kiosks, and “Krispy Kreme Theatres”, expanding certain existing cloud kitchens, and buying machinery, of which Rs 126.32 crore is for new sites, Rs 19.91 crore for brand-led expansion of existing kitchens, and Rs 6.31 crore for equipment.
Importantly, Curefoods will use roughly Rs 126.93 crore to repay or prepay certain borrowings and Rs 40 crore towards lease payments for existing properties. It also plans to invest Rs 91.96 crore into Fan Hospitality (central kitchen and outlets) and Rs 11.35 crore into Cakezone Foodtech, split as Rs 5.35 crore for additional shareholding and Rs 6 crore for Cakezone marketing.
Furthermore, the DRHP allocates over Rs 90 crore for acquisitions of subsidiaries (notably Rs 79.84 crore for Munchbox), Rs 2.5 crore for deferred consideration under the Jaika agreement, and Rs 14 crore for broader sales and marketing by Curefoods. The amount earmarked for inorganic growth and general corporate purposes remains unspecified in the DRHP; however, the company caps general corporate uses at 25% of gross proceeds (around Rs 200 crore) and the combined cap for general corporate plus…
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