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Curefoods, the Bengaluru-based cloud kitchen operator, has raised $18 million in a pre-IPO placement from 3State Ventures, the investment arm of Flipkart co-founder Binny Bansal.
Context: Curefoods runs a multi-brand food empire with names like EatFit, CakeZone, Nomad Pizza, Frozen Bottle, Sharief Bhai, and even Krispy Kreme.
The deets: 1.28 crore shares were allotted at ₹124 apiece. With this, Curefoods is set to trim the size of its ₹800 crore IPO, originally planned as a fresh issue plus an OFS from early backers like Iron Pillar, Chiratae, Accel, and Curefit Healthcare. Founder Ankit Nagori isn’t selling his stake.
Why it matters: the funds will fuel expansion into more kitchens, kiosks, and overseas bets, while easing debt and backing its subsidiary Fan Hospitality. For investors, Binny Bansal doubling down is a vote of confidence in India’s fast-growing cloud kitchen space.
Zoom out: the global cloud kitchen market was about $73.18 billion in 2024 and is expected to nearly double, with an annual rate of nearly 11.9%.
In India, the cloud kitchen sector is worth around $1.13 billion in 2024, with forecasts pointing to $2.84 billion by 2030.
So when Curefoods files its IPO, it won’t just be a food company on the line, it could test how much heat India’s consumers and investors are ready to bring to the booming food-tech table.
