One of the growing food services companies, Curefoods India, submitted its draft red herring prospectus DRHP with the market regulator SEBI for an Initial Public Offering (IPO). This IPO comprises a fresh issue of worth ₹800 crore and an Offer-for-sale up to 48,537,599 equity shares.
The proceeds raised from the fresh issue will be utilized to expand its projects by building new Krispy Kreme cloud kitchens, restaurants, kiosks, and central kitchens. The funds of ₹152.54 crore will be used to expand existing cloud kitchens and purchase necessary machinery and equipment. This move is expected to strengthen the company’s market presence.
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.
In order to extend its footprint beyond domestic borders, the company decided to enter the international markets by launching Sharief Bhai in the UAE in 2024. This international expansion highlights its strong growth potential.
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 increment in percentage by 95.24%.
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
