Curefoods Raises Rs 160 Crore From Binny Bansal's 3State Ventures Ahead of IPO

Curefoods India, a cloud kitchen operator founded in 2020 by Ankit Nagori, has raised Rs 160 crore in a pre-IPO funding round from 3State Ventures, the investment arm of Flipkart co-founder Binny Bansal. The funding involved the allotment of 1.28 crore equity shares at Rs 124 each, approved by the company's board and shareholders, and will be factored into the size of the upcoming IPO, which aims to raise up to Rs 800 crore. Curefoods operates over 500 service locations across more than 70 cities, managing multiple food brands including EatFit, CakeZone, Nomad Pizza, Frozen Bottle, Sharief Bhai Biryani, and Krispy Kreme, supported by a hub-and-spoke model with central kitchens and warehouses. The IPO proceeds will be used to expand cloud kitchens, kiosks, restaurants, and subsidiaries like Fan Hospitality, as well as to repay debt and bolster marketing and working capital. Financially, Curefoods reported revenue growth to Rs 745.8 crore in FY25 with a nearly flat net loss compared to the previous year, reflecting ongoing scaling efforts. This pre-IPO investment strengthens ties with existing investor Binny Bansal and positions the company for significant expansion in the Indian food delivery market.