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Cloud kitchen operator Curefoods has raised Rs 160 crore ($18 million) in a pre-IPO placement from 3State Ventures, the investment arm of Flipkart co-founder Binny Bansal. According to the press release, Curefoods has allotted 1.28 crore equity shares at Rs 124 per share to 3State Ventures.
The Bengaluru-based firm had filed its draft red herring prospectus (DRHP) in June to raise Rs 800 crore through a fresh issue along with an offer for sale (OFS) of 4.08 crore shares by early investors, including Iron Pillar, Chiratae Ventures, Crimson Winter, Accel, and Curefit Healthcare, among others. Founder and CEO Ankit Nagori will not participate in the OFS.As per the DRHP, the company plans to use the proceeds from the fresh issue to expand its network of cloud kitchens, restaurants, kiosks, and central kitchens, repay debt, invest in its subsidiary Fan Hospitality, and cover working capital and general corporate expenses. JM Financial, IIFL Capital, and Nuvama Wealth Management are the book-running lead managers to the issue.
Backed by marquee investors including Binny Bansal, Curefoods has rapidly scaled to over 500 service locations across more than 70 cities. It also expanded overseas last year with the launch of Sharief Bhai in the UAE.The pre-IPO funding from 3State Ventures is expected to reduce the size of the fresh issue in Curefoods’ upcoming IPO.
About Curefoods
Curefoods has been founded by Ankit Nagori. Curefoods, a major Indian food-tech company that operates a portfolio of food brands like Eatfit, CakeZone, Sharief Bhai, and Nomad Pizza, through a network of cloud kitchens and physical locations. Curefoods operates a multi-brand cloud kitchen business across categories like Indian meals, pizza, desserts, and health-focused food. Its portfolio brands include EatFit, CakeZone, Nomad Pizza, Frozen Bottle, Sharief Bhai, and Krispy Kreme.