UpcomingMainboardFood & Beverages · Cloud Kitchen / Online Food Delivery
Curefoods
TEMPCURE
Price Band: —
Min. Investment: Not yet determined
Issue Size: ₹800 Cr Fresh Issue + OFS (total size TBD at price discovery)
About the Company
What does this company do?
Curefoods India Limited is a Bengaluru-based cloud kitchen and food-tech company incorporated in October 2020. The company operates multiple food brands delivered primarily through online platforms, focusing on building and scaling digital-first food brands across various cuisines. It has grown through a combination of…
IPO Details
Issue parameters, key dates and structure.
Total Issue Size
₹800 Cr Fresh Issue + OFS (total size TBD at price discovery)
Fresh Issue
₹800 Cr
Proceeds go to company
OFS
Up to 4,85,37,599 Equity Shares (OFS proceeds go to selling shareholders — Iron Pillar PCC, Crimson Winter Limited, Accel India V, Chiratae Ventures India Fund IV, Global eCommerce Consolidation Fund, Chiratae Ventures Master Fund IV, Alteria Capital Fund II–Scheme I, Curefit Healthcare Pvt Ltd, Shripad Shrikrishna Nadkarni, Horizon Techno Pte. Ltd., Zephyr Peacock India Growth Fund — NOT to the company)
Proceeds to selling shareholders
Products & Brands
Key offerings and brand portfolio of the company.
Curefoods Cloud Kitchen Brands: Multiple digital-first food brands across diverse cuisines operated through cloud kitchens and delivered via online food aggregator platforms
Financial Performance
P&L, Balance Sheet and Cash Flow — all figures in ₹ Crores.
| Particulars (₹ Cr) | FY2024 |
|---|
All figures in ₹ Crores (INR). Data sourced from DRHP/RHP.
Key Financial Ratios
Valuation and profitability metrics at the IPO price.
EPS (₹)
—
Not disclosed in DRHP extract provided
P/E Ratio
—
Price band not yet determined
RoNW (%)
—
Not disclosed in DRHP extract provided
NAV per Share (₹)
—
Not disclosed in DRHP extract provided
Debt/Equity
—
Not disclosed in DRHP extract provided
EBITDA Margin (%)
—
Not disclosed in DRHP extract provided
PAT Margin (%)
—
Not disclosed in DRHP extract provided
Revenue Growth YoY
—
Not disclosed in DRHP extract provided
Objectives of the Issue
How the company intends to use the IPO proceeds.
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OFS Note: OFS proceeds from up to 4,85,37,599 equity shares will go directly to selling shareholders (Iron Pillar PCC, Crimson Winter Limited, Accel India V (Mauritius) Limited, Chiratae Ventures India Fund IV, Global eCommerce Consolidation Fund L.P., Chiratae Ventures Master Fund IV, Alteria Capital Fund II–Scheme I, Curefit Healthcare Private Limited, Shripad Shrikrishna Nadkarni, Horizon Techno Pte. Ltd., Zephyr Peacock India Growth Fund) and will NOT be received by the company.
1
Fresh Issue proceeds of up to ₹800 Cr (₹8,000 million) will be used by the company for purposes disclosed in the Objects of the Offer section (page 138 of DRHP); specific utilisation details not yet available in the provided DRHP extract.
2
Pre-IPO Placement of up to ₹160 Cr (₹1,600 million) may be considered prior to filing the Red Herring Prospectus; if completed, this amount will be reduced from the Fresh Issue size.
SWOT Analysis
Internal strengths & weaknesses; external opportunities & threats.
💪Strengths
Multi-brand cloud kitchen model with diversified cuisine and format offerings
Asset-light, technology-driven operations enabling rapid scalability
Proven ability to acquire and integrate food brands and businesses
Experienced promoter with a strong consumer internet background
⚠️Weaknesses
History of sustained losses and negative cash flows
Heavy dependence on aggregator platforms (Zomato, Swiggy) for revenue generation
Complex multi-entity structure with numerous subsidiaries and acquisitions increasing integration risk
Limited brand recognition compared to established quick-service restaurant chains
🚀Opportunities
Rapid growth of India's online food delivery market supported by increasing smartphone penetration and urbanisation
Significant headroom for geographic expansion into Tier 2 and Tier 3 cities
Growing consumer acceptance of cloud kitchen brands and convenience dining
Potential for further consolidation and acquisition of food brands at attractive valuations
🔥Threats
Intensifying competition from well-funded cloud kitchen players, traditional restaurant chains, and new market entrants
Risk of changes in commission structures or policies by dominant food delivery aggregators
Regulatory risks related to food safety, FSSAI compliance, and labour regulations across multiple states
Macroeconomic factors such as inflation and consumer spending slowdown adversely affecting discretionary food spending
Competitive Strengths
Key advantages highlighted in the DRHP.
✓
Multi-brand portfolio across diverse cuisines and formats enabling broad consumer reach
✓
Asset-light cloud kitchen model driving scalability and operational leverage
✓
Technology-driven operations enabling data-backed menu design, pricing, and demand forecasting
✓
Strong track record of acquiring and integrating food brands and businesses
✓
Presence across multiple cities with an expanding network of cloud kitchen outlets
✓
Experienced promoter and management team with deep expertise in consumer internet and food-tech
Promoters & Shareholding
Pre & post-IPO shareholding pattern. Click a promoter card to learn more.
Promoters
Shareholding Pattern
PrePost
Key Risks
Material risk factors to consider before applying.
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The company has a history of losses and may continue to incur losses; inability to achieve or sustain profitability could adversely affect the business
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Significant dependence on third-party food delivery platforms (such as Zomato and Swiggy) for order volumes; any change in their policies or commission structures could materially impact revenues
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Intense competition from established restaurant chains, other cloud kitchen operators, and new entrants in the food delivery segment
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Food safety, quality control, and regulatory compliance risks across multiple kitchen locations could expose the company to liability and reputational harm
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The company has undertaken multiple acquisitions and integrations; failure to successfully integrate acquired businesses or realise expected synergies could harm performance
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Fluctuations in raw material costs, supply chain disruptions, and inflationary pressures on food ingredients could adversely impact margins
◆ Neutral
Should You Apply?
Curefoods India Limited is a Bengaluru-based cloud kitchen and food-tech company operating multiple digital-first food brands delivered through online aggregator platforms. The company has demonstrated strong growth ambitions through acquisitions and geographic expansion, but has a history of losses common to high-growth food-tech startups, which remains a key risk for investors. The fresh issue of ₹800 Cr will provide capital for expansion and corporate purposes, while the OFS component will provide liquidity to early investors and does not benefit the company directly. Since this is a DRHP, price band, lot size, and financial details are not yet finalised, making precise valuation assessment difficult at this stage. Investors should monitor the final RHP for pricing, audited financials, and a clearer path to profitability before taking an investment decision.
⚠️ This is not investment advice. CheckIPO provides information for educational purposes only. Always consult a SEBI-registered financial advisor before investing.
Lead Managers & Registrar
Institutions managing the issue and handling allotment.
Book Running Lead Managers (3)
JM Financial
IIFL Capital
Nuvama
Registrar to the Issue
📋
KFin Technologies Limited
Registrar to the Issue