The offer for sale of up to 48,537,599 equity shares of face value of Re 1 each aggregating up to 19,088,670 equity shares by Iron Pillar PCC (acting on behalf of Iron Pillar PCC – Cell C and Iron Pillar PCC – Cell E), up to 9,759,660 equity shares by Crimson Winter Limited, up to 4,575,330 equity shares by Accel India V (Mauritius) Limited, up to 3,666,020 equity shares by Chiratae Ventures India Fund IV.
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Up to 3,524,213 equity shares by Global Ecommerce Consolidation Fund, L.P., up to 2,790,619 equity shares by Chiratae Ventures Master Fund IV, up to 1,431,150 equity shares by Alteria Capital Fund II – Scheme I, up to 1,281,510 equity shares by Curefit Healthcare Private Limited, up to 1,154,490 equity shares by Shripad Shrikrishna Nadkarni, up to 930,900 equity shares by Horizon Techno Pte. Ltd., and up to 335,037 equity shares by Zephyr Peacock India Growth Fund (collectively, the “Selling Shareholders”).
The company plans to utilise the net proceeds from the IPO amounting to Rs 152.54 crore primarily for expansion and equipment. This includes Rs 126.32 crore for establishing new Krispy Kreme cloud kitchens, restaurants, kiosks, and central kitchens; Rs 19.91 crore for expanding select existing cloud kitchens by adding new brands; and Rs 6.31 crore towards the purchase of machinery and equipment, strategic initiatives.
JM Financial Limited, IIFL Capital Services Limited (formerly known as IIFL Securities Limited) and Nuvama Wealth Management Limited are the Book Running Lead Managers to the issue.The company is an internet-driven multi-brand food services company offering comprehensive cuisines catering to a range of consumer preferences and dietary needs. As of March 31, 2025, Curefoods is the second largest digital-first food services company in India (excluding food delivery marketplaces) in terms of revenue from operations in Fiscal 2024.Curefoods ranks among the top two leading cloud kitchen companies in India in terms of service locations covered, as of March 31, 2025. It is also the fastest-growing food services company in the country based on revenue from operations in Fiscal 2025, and is notably the first food services company in India (excluding food delivery marketplaces) to surpass annual revenues of Rs 7,500 million within its first five years of operations.
Its portfolio of key brands includes EatFit, CakeZone, Nomad Pizza, Sharief Bhai Biryani, Olio Pizza, Frozen Bottle, Millet Express, and Krispy Kreme—each tailored to appeal to specific consumer preferences.
As of March 31, 2025, Curefoods had a presence across 502 service locations in more than 70 cities and towns in India. Its offline network comprises five central kitchens, 281 cloud kitchens, 99 kiosks, 122 restaurants, and 13 warehouses, strategically located in high-footfall areas to maximize accessibility.
The company’s online reach is driven by strong integration with leading food delivery platforms such as Swiggy and Eternal (formerly Zomato), along with its proprietary website that offers seamless ordering and payment options. Its supply chain infrastructure includes 13 dedicated warehouses located in proximity to its operational hubs, supporting efficient resource management and timely ingredient delivery.
As of March 31, 2025, Curefoods operated a portfolio of 10 Key Brands defined as brands that generated revenues of more than Rs 240 million in Fiscal 2025. Curefoods’ revenue from operations increased from Rs 3,820.42 million in Fiscal 2023 to Rs 7,457.96 million in Fiscal 2025, reflecting a compound annual growth rate (CAGR) of 39.72%.
Its service location footprint has expanded steadily, growing from 277 locations as of March 31, 2023, to 364 as of March 31, 2024, and further to 502 as of March 31, 2025. The company also entered international markets in 2024 with the launch of Sharief Bhai in the United Arab Emirates (UAE). This expansion has led to a significant rise in order volumes from 11.38 million in Fiscal 2023 to 15.82 million in Fiscal 2024, and to 18.23 million in Fiscal 2025. The Key Brands contributed 95.32% of Curefoods’ revenue from operations in Fiscal 2023, 97.98% in Fiscal 2024, and 98.35% in Fiscal 2025.
