Curefoods IPO
Curefoods IPO is a Mainboard book-built issue comprising a Fresh Issue of up to ₹800 crore and an Offer for Sale of up to 4,85,37,599 equity shares. The face value is ₹1 per share. The price band, lot size and IPO dates are yet to be announced.
Curefoods IPO Details
Curefoods IPO is an upcoming Mainboard public issue. The IPO comprises a fresh issue of equity shares aggregating up to ₹800 crore and an Offer for Sale of up to 4,85,37,599 equity shares. The price band, IPO opening and closing dates, allotment date, lot size and listing date are yet to be announced.
Curefoods IPO Timeline (Tentative)
Curefoods IPO dates are yet to be announced. The DRHP states that the Bid/Offer Opening Date and Bid/Offer Closing Date will be finalized and disclosed in the Red Herring Prospectus.
| Event | Tentative Date |
|---|---|
| IPO Opens | |
| IPO Closes | |
| Basis of Allotment | |
| Refund Initiation | |
| Credit of Shares to Demat | |
| Listing Date |
Curefoods IPO Lot Size
The Curefoods IPO lot size and minimum application amount have not been announced. The price band and minimum Bid Lot are to be decided by the company in consultation with the Book Running Lead Managers and disclosed before the IPO opens.
| Application | Lots | Shares | Amount (₹) |
|---|---|---|---|
| Retail (Min) | |||
| Retail (Max) | |||
| S-HNI (Min) | |||
| S-HNI (Max) | |||
| B-HNI (Min) |
Curefoods IPO Reservation
Curefoods IPO has a proposed reservation structure of 75% for QIBs, 15% for NIIs and 10% for RIIs. The final number of shares allocated to each category will be determined after the Offer size and price band are finalized.
Curefoods IPO Subscription
Curefoods IPO subscription status is not available as the IPO has not yet opened for bidding.
| Category | Subscription (times) |
|---|---|
| QIB | |
| NII | |
| RII | |
| Total |
About Curefoods
Curefoods India Limited is an internet-driven multi-brand food services company offering food products across different cuisines, consumer preferences and dietary requirements. The company operates through both delivery and non-delivery channels, including cloud kitchens, kiosks and restaurants.
As of March 31, 2025, Curefoods operated 10 Key Brands across 502 Service Locations in more than 70 cities and towns in India. Its portfolio includes brands such as EatFit, CakeZone, Nomad Pizza, Sharief Bhai, Olio Pizza, Frozen Bottle, Millet Express and Krispy Kreme.
The company uses a multi-brand and hub-and-spoke operating model supported by cloud kitchens, restaurants, kiosks and central kitchens. Its online distribution is supported by food delivery platforms and its own website. Revenue from operations increased from ₹382.04 crore in FY2023 to ₹745.80 crore in FY2025.
Strengths
- Multi-brand food services business with 10 Key Brands across multiple cuisines and consumer segments.
- Wide operating footprint with 502 service locations across more than 70 cities and towns as of March 31, 2025.
- Revenue from operations increased from ₹382.04 crore in FY2023 to ₹745.80 crore in FY2025.
- Hub-and-spoke operating model supports operations across cloud kitchens, restaurants and kiosks.
- Technology-enabled supply chain, kitchen operations and order-management systems.
- Ability to acquire, integrate and scale food brands across different market segments.
Risks to Consider
- The company has reported losses in each of FY2023, FY2024 and FY2025.
- The company depends significantly on food aggregators, and changes in their policies or operations may affect business performance.
- Brand reputation is important, and customer complaints or negative publicity may affect demand.
- Expansion plans involve capital expenditure and may face implementation delays or cost overruns.
- Acquiring and integrating new brands involves operational, financial and regulatory challenges.
- The company operates in a competitive food services industry where customer preferences can change rapidly.
Curefoods Financials (₹ Cr)
Curefoods reported revenue from operations of ₹745.80 crore in FY2025, up from ₹585.12 crore in FY2024 and ₹382.04 crore in FY2023. The company continued to report losses, with FY2025 loss after tax at ₹169.97 crore. Total assets stood at ₹1,042.71 crore and net worth at ₹510.17 crore as of March 31, 2025.
| Period | Revenue | PAT | Total Assets | Net Worth |
|---|---|---|---|---|
| FY2025 | 745.80 | -169.97 | 1,042.71 | 510.17 |
| FY2024 | 585.12 | -172.61 | 866.15 | 454.69 |
| FY2023 | 382.04 | -342.73 | 952.53 | 555.10 |
KPIs & Valuation
Curefoods reported negative earnings in FY2025. The basic EPS was ₹-5.58 and diluted EPS was ₹-5.50. The FY2025 Return on Net Worth was -31.29%, while the NAV per equity share was ₹17.84. The P/E ratio at the IPO price band is not available because the price band has not yet been finalized.
Objects of the Issue
Curefoods proposes to use the Net Proceeds from the Fresh Issue for expansion of its food services network, repayment or pre-payment of borrowings, lease payments, investments in subsidiaries, sales and marketing initiatives, acquisitions and strategic initiatives. The DRHP specifies ₹800 crore as the gross Fresh Issue, while the final Net Proceeds will be finalized after determining the Offer Price and Offer expenses. The company proposed to utilise the IPO proceeds for:
- Setting up new cloud kitchens, restaurants, kiosks and Krispy Kreme Theatres, expansion of existing cloud kitchens through brand additions, and purchase of machinery and equipment.
- Repayment/pre-payment, in full or part, of certain borrowings.
- Lease payments for existing properties in India.
- Investment in Fan Hospitality Services Private Limited for additional shareholding and setting up a new central kitchen, cloud kitchens and restaurants.
- Investment in Cakezone Foodtech Private Limited for additional shareholding and sales and marketing initiatives.
- Acquisition of additional shareholding in Millet Express Foods, Munchbox Frozen Foods and Yum Plum.
- Payment of deferred consideration under the business transfer agreement with Jaika Hospitality Ventures Private Limited and its founders.
- Sales and marketing initiatives.
- Funding inorganic growth through unidentified acquisitions and strategic initiatives and general corporate purposes.
Promoters, Lead Managers & Registrar
Curefoods India Limited is promoted by Ankit Nagori. JM Financial Limited, IIFL Capital Services Limited and Nuvama Wealth Management Limited are the Book Running Lead Managers to the issue, while KFin Technologies Limited is the Registrar to the Offer.
Promoters
Lead Managers (BRLM)
Registrar
| Name | KFin Technologies Limited |
|---|---|
| Phone | +91 40 6716 2222 / 1800 309 4001 |
| curefoods.ipo@kfintech.com | |
| Website | https://www.kfintech.com/ |
Curefoods IPO Review
Curefoods has built a multi-brand food services platform with a broad network of cloud kitchens, restaurants and kiosks. Its revenue from operations grew from ₹382.04 crore in FY2023 to ₹585.12 crore in FY2024 and ₹745.80 crore in FY2025, representing a reported CAGR of 39.72% between FY2023 and FY2025.
The company is also expanding through multiple brands and acquisitions, while the IPO proceeds are proposed to support additional service locations, subsidiary investments, repayment of borrowings and marketing activities.
However, Curefoods reported a loss after tax of ₹169.97 crore in FY2025, compared with losses of ₹172.61 crore in FY2024 and ₹342.73 crore in FY2023. The company also faces risks related to food aggregators, brand reputation, competition, expansion execution and the integration of acquired businesses.
How to Apply
Curefoods IPO applications can be made through the ASBA and UPI mechanisms once the IPO opens. The exact price band, lot size and bidding dates will be announced before the issue opens.
Through UPI
- Log in to your stockbroker app/website.
- Go to the IPO section.
- Select Curefoods IPO.
- Enter the number of lots you want to apply for.
- Select the bid price.
- Enter your valid UPI ID.
- Submit the IPO application.
- Open your UPI app when the mandate request arrives.
- Approve the mandate using your UPI PIN.
- The application amount will be blocked in your bank account. If shares are allotted, the required amount will be debited; otherwise, the blocked amount will be released.
Prospectus & Documents
Investors can refer to the Curefoods DRHP and subsequent RHP/Prospectus for detailed information about the business, financial performance, risk factors, IPO structure and utilisation of the issue proceeds. The DRHP is dated June 28, 2025.
Last updated Sep 29, 2026.