Curefoods India, one of the fast-growing food services companies, has received approval from SEBI to raise ₹800 crore through an Initial Public Offering (IPO). The company had earlier filed its Draft Red Herring Prospectus (DRHP) with the market regulator.
This IPO comprises a fresh issue worth ₹800 crore and an Offer-for-sale of up to 48,537,599 equity shares, where some early investors will sell their shares. The founder and CEO, Ankit Nagori, will not sell any shares.
Major Investors like,
- Iron Pillar will be selling 1.91 crore shares in the company,
- Crimson Winter will be selling 97.6 lakh shares in the company,
- Accel will be selling 45.7 lakh shares in the company,
- Chiratae Ventures will be selling 36.6 lakh shares in the company,
- Curefit Healthcare will be selling 12.8 lakh shares in the company.
The proceeds of ₹152.54 crore from the fresh issue will be utilized to build new Krispy Kreme cloud kitchens, restaurants, kiosks, and central kitchens. A portion of ₹126.9 crore will be used for the prepayment/repayment of existing borrowings taken by the company. Funds of ₹92 Crore will go to its wholly owned subsidiary, Fan Hospitality. Another ₹40 Crore for lease deposits and ₹14 Crore for Marketing and brand-building. This move is expected to strengthen the company’s market presence.
The company also has the option to raise ₹160 crore via a Pre-IPO placement. If they successfully plan to do so, the funds of ₹160 crore will be reduced from the fresh issue.
Under Curefoods, they handle and run 10 main brands such as EatFit, CakeZone, and Nomad Pizza, serving a diverse range of customers and price ranges. In FY25, those brands a total of 98% of the company’s revenue.
Over the years, Curefoods has built a strong offline presence with 281 cloud kitchens, 99 kiosks, 122 restaurants, and 13 warehouses across 502 service locations in over 70 cities and towns in India.
The company has built a strong presence online with top food delivery platforms like Swiggy and Eternal, initially known as Zomato. Supported by 13 well-placed warehouses, the company makes ordering easy and helps manage and supply chain smoothly.
The book running lead managers to the issue are JM Financial Ltd, IIFL Capital Services, and Nuvama Wealth Management Limited, whereas KFin Technologies Ltd is the registrar to the issue.
In FY25, the company generated a revenue of ₹745.8 crore, compared to the revenue of FY23, which was ₹382.04 crore, showcasing an increase in revenue by 95.24%. In FY25, the company also reported a net loss of ₹170 crore, with its EBITDA loss improving from ₹276 crore to ₹58 crore.
Curefoods IPO Prospectus:
| DRHP Draft Prospectus: | Click Here |
| RHP Draft Prospectus: | To be Updated Soon |
Curefoods Company Financial Report
Amount ₹ in Crores
| Period Ended | Revenue | Expense | Profit After Tax |
| 2023 | ₹411.55 | ₹754.28 | ₹342.73 |
| 2024 | ₹635.09 | ₹806.88 | ₹172.61 |
| 2025 | ₹775.49 | ₹944.18 | ₹169.97 |
Curefoods IPO Valuation – FY2025
Curefoods IPO valuations detail like Earning Per Share (EPS), Price/Earning P/E Ratio, Return on Net Worth (RoNW), and Net Asset Value (NAV) details.
| Earning Per Share (EPS): | ₹(5.58) (Basic) |
| Price/Earning P/E Ratio: | N/A |
| Return on Net Worth (RoNW): | (31.29%) |
| Net Asset Value (NAV): | ₹17.84 |
Peer Group Comparison
| Company | EPS | PE Ratio | RoNW % | NAV | Income |
| Jubilant FoodWorks Limited | 3.41 | 209.09 | 9.95% | 33.08 | 8,217.07 Cr. |
| Devyani International Limited | 0.08 | 2,152.63 | (0.49%) | 11.62 | 4,988.04 Cr. |
| Sapphire Foods India Limited | 0.60 | 547.75 | 1.20% | 43.47 | 2,919.08 Cr. |
| Westlife Foodworld Limited | 0.78 | 961.22 | 2.01% | 38.70 | 2,515.67 Cr. |
| Eternal Limited | 0.60 | 446.31 | 1.74% | 31.41 | 21,320.00 Cr. |
| Swiggy Limited | (13.72) | NA | (30.50%) | 40.98 | 15,622.93 Cr. |
Objects of the Issue
- Expenditure by our Company towards: (i) setting up of new cloud kitchens, restaurants, kiosks and central kitchens under the Krispy Kreme brand (“Krispy Kreme Theatres”); (ii) expansion of certain existing cloud kitchens by way of brand addition; and (iii) purchase of machinery and equipment.
- Repayment/pre-payment, in full or part, of certain borrowings availed by our Company;
- Expenditure towards lease payments for existing properties of our Company, in India;
- Investment in our Subsidiary, Fan Hospitality Services Private Limited towards: (i) acquisition of additional shareholding; and (ii) setting up of a new central kitchen, cloud kitchens and restaurants;
- Investment in our Subsidiary, Cakezone Foodtech Private Limited for: (i) acquisition of additional shareholding; and (ii) sales and marketing initiatives;
- Acquisition of additional shareholding in our Subsidiaries, namely (i) Millet Express Foods Private Limited; (ii) Munchbox Frozen Foods Private Limited; and (iii) Yum Plum Private Limited;
- Payment of deferred consideration by our Company under the business transfer agreement entered into by our Company with Jaika Hospitality Ventures Private Limited and its founders;
- Expenditure towards sales and marketing initiatives by our Company; and
- Funding inorganic growth through unidentified acquisitions and strategic initiatives and general corporate purposes.
IPO Lead Managers aka Merchant Bankers
- JM Financial Limited
- IIFL Capital Services Limited
- Nuvama Wealth Management Limited
