Cloud-kitchen startup Curefoods has reportedly secured approval from the Securities and Exchange Board of India (SEBI) to launch its initial public offering (IPO).
Although the company has not made a public announcement, sources confirmed the development.
Curefoods plans to raise funds through a fresh issue of shares worth up to ₹800 crore ($304 million), alongside an offer for sale (OFS) of up to 4.85 crore equity shares by existing investors.
The company filed its draft red herring prospectus (DRHP) in late June and subsequently raised ₹160 crore ($18 million) in a pre-IPO placement from Flipkart co-founder Binny Bansal’s 3State Ventures in September.
The management said the company will use the IPO proceeds to expand operations, repay or prepay borrowings, invest in its subsidiaries Fan Hospitality Services and Cakezone Foodtech, drive marketing and sales initiatives, and pursue other strategic objectives.
Investors, including Iron Pillar, Crimson Winter, Accel India, and Chiratae Ventures, are expected to sell shares through the OFS.
On the financial side, Curefoods’ net loss remained nearly flat at ₹169.9 crore in FY25, compared with ₹172.6 crore in FY24. Meanwhile, the company’s operating revenue grew 27.4% to ₹745.8 crore, up from ₹585.1 crore in the previous fiscal year.
With SEBI’s nod, Curefoods joins a growing roster of Indian startups heading to Dalal Street this year. Recently, startups such as Shadowfax, Wakefit, Lenskart, and Capillary Technologies have also obtained SEBI approval for their public listings.
Meanwhile, Curefoods’ competitor Rebel Foods is preparing for its own IPO in 2026. In the lead-up to filing its IPO papers, Rebel Foods reportedly raised $25 million from the Qatar Investment Authority, valuing the company at $1.4 billion last month.
