November 3, 2025
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Curefoods India Ltd. IPO Details
Curefoods India Ltd. IPO is a book-built issue consisting of a fresh issue of Rs. 800.00 crore and an offer for sale (OFS) of up to 4.85 crore equity shares.
SEBI approval: 24 October 2025 (valid for 12 months). The IPO will open once market conditions and other approvals permit.
Proposed listing: BSE and NSE.
Lead Managers: JM Financial Ltd., IIFL Capital Services Ltd., Nuvama Wealth Management Ltd.
Registrar: KFin Technologies Ltd.
🕗 Last Update: 3 November 2025, 7.30 AM
GMP | Reviews | Subscription | Allotment
IPO Key Dates
| Event | Date |
|---|---|
| Filed with SEBI | 1 Jul 2025 |
| SEBI Approval Received | 24 Oct 2025 |
| IPO Opens on | To be announced |
| IPO Closes on | To be announced |
| Allotment on | To be announced |
| Credit of Shares | To be announced |
| Listing Date | To be announced |
| Listing at | BSE, NSE |
Promoter
Ankit Nagori is the promoter of the company.
Promoter Holding (Pre-Issue): 83.43%
Promoter Holding (Post-Issue): To be updated after final share dilution.
Objects of the Issue (Rs. in crores)
| S.No. | Purpose | Amount (Rs. Cr) |
|---|---|---|
| 1 | Setting up new cloud kitchens, restaurants, kiosks, Krispy Kreme theatres; expansion of existing kitchens; purchase of machinery and equipment | 152.54 |
| 2 | Repayment/prepayment of certain borrowings | 126.93 |
| 3 | Lease payments for existing properties | 40.00 |
| 4 | Investment in subsidiary Fan Hospitality Services Pvt. Ltd. for expansion and acquisition | 91.96 |
| 5 | Investment in subsidiary Cakezone Foodtech Pvt. Ltd. for marketing and share acquisition | 11.35 |
| 6 | Acquisition of shareholding in Millet Express Foods, Munchbox Frozen Foods & Yum Plum Pvt. Ltd. | 81.15 |
| 7 | Payment of deferred consideration to Jaika Hospitality Ventures Pvt. Ltd. and founders | 2.50 |
| 8 | Sales and marketing initiatives | 14.00 |
| 9 | Funding inorganic growth & general corporate purposes | — |
Business
Curefoods India Ltd. is a fast-growing cloud kitchen and food-tech company focused on building a multi-brand, multi-cuisine food platform leveraging technology and data analytics. The company delivers high-quality meals through online platforms such as Swiggy, Zomato, and its direct-to-consumer (D2C) channels.
Brands under Curefoods: EatFit, Sharief Bhai, Arambam, Krispy Kreme, Nomad Pizza, and Cakezone.
Infrastructure (as of March 31, 2025):
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502 service locations across 70 cities
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5 central kitchens, 281 cloud kitchens, 99 kiosks, 122 restaurants, 13 warehouses
Key Strengths
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Second-largest digital-first food business in India
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Diversified portfolio catering to multiple cuisines
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Robust supply chain and quality control
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Advanced technology and AI-driven operations
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Experienced promoter team backed by institutional investors
IPO Details
| Particulars | Details |
|---|---|
| Face Value | Rs. 1 per share |
| Issue Price Band | To be announced |
| Lot Size | To be announced |
| Sale Type | Fresh Issue + Offer for Sale |
| Fresh Issue | Rs. 800.00 Cr |
| Offer for Sale | 4.85 crore shares (amount to be announced) |
| Issue Type | Book-Built IPO |
| Listing at | BSE, NSE |
| Pre-Issue Share Capital | 9,54,38,319 shares |
Investor Category Reservation
| Investor Category | Shares Offered |
|---|---|
| QIB | Not less than 75% of the Offer |
| Retail | Not more than 10% of the Offer |
| NII | Not more than 15% of the Offer |
Financial Snapshot (Rs. crore)
| Period Ended | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
|---|---|---|---|
| Assets | 1,042.71 | 866.15 | 952.53 |
| Total Income | 775.49 | 635.09 | 411.55 |
| Profit After Tax | -169.97 | -172.61 | -342.73 |
| EBITDA | -57.59 | -82.77 | -275.67 |
| Net Worth | 510.17 | 454.69 | 555.10 |
| Total Borrowing | 195.88 | 124.11 | 131.18 |
Key Performance Indicators
| KPI | Value |
|---|---|
| ROE | -32.90% |
| ROCE | -20.45% |
| Debt/Equity | 0.38 |
| RoNW | -31.29% |
| PAT Margin | -22.79% |
| EBITDA Margin | -7.72% |
Company Contact
Curefoods India Ltd.
No. 72/4, Roopena Agrahara, Hosur Road, Madiwala Post, Bengaluru, Karnataka – 560068
📞 +91 63647 08916
✉ secretarial@curefoods.in
🌐 https://www.curefoods.in/
Lead Managers
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JM Financial Ltd.
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IIFL Capital Services Ltd.
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Nuvama Wealth Management Ltd.
Registrar (Box)
KFin Technologies Ltd.
Phone: 040-67162222 / 040-79611000
Email: curefoods.ipo@kfintech.com
Allotment Portal: https://ipostatus.kfintech.com/
Chanakya IPO Review – by Paresh Gordhandas, CA & Research Analyst
Curefoods India Ltd., founded by Ankit Nagori, operates one of India’s fastest-growing food-tech networks with brands like EatFit, Sharief Bhai, and Cakezone. The company runs 502 outlets across 70 cities through a mix of cloud kitchens, restaurants, and kiosks.
Financially, Curefoods reported FY25 revenue of Rs. 775 crore (+22% YoY), but remains loss-making with a PAT loss of Rs. 169.97 crore. Losses have narrowed, showing early signs of operating leverage, though margins remain negative (EBITDA -7.72%). Debt levels (D/E 0.38x) are moderate.
Chanakya View: A strong digital-first food brand portfolio with national presence and credible promoter backing. While losses are reducing, profitability remains a concern. Investors may track this IPO for long-term potential once valuations are known.
Quick Links
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StaffAvailable.com • BigGaddi.com • SahiFund.com • Magajmari.com
Disclaimer
This coverage is for informational purposes only. Chanakya Ni Pothi does not deal in Grey Market Premiums and does not recommend investment decisions based on GMP trends. Please consult a registered financial advisor before investing.
