Curefoods raises Rs 160 crore from 3State Ventures in pre-IPO round

New Delhi, Sep 26 (PTI) Cloud kitchens operator Curefoods India has raised around Rs 160 crore from 3State Ventures, the investment arm of Flipkart co-founder Binny Bansal, in a pre-IPO (initial public offer) funding round.

The placement was approved by the company's board on September 10 and by shareholders on September 15. It will be included while determining the size of the fresh issue under Sebi's norms.

In a public announcement on Friday, Curefoods India said it allotted 1.28 crore equity shares at Rs 124 apiece to 3State Ventures.

Founded in 2020 by Ankit Nagori, Curefoods' portfolio spans healthy food brands like EatFit and Millet Express, desserts, including CakeZone and Frozen Bottle, pizza players Olio Pizza and Nomad Pizza, Indian cuisine brands such as Sharief Bhai Biryani and Rolls on Wheels, alongside the recently acquired franchise rights for Krispy Kreme in India.

The company's proposed papers comprise a fresh issue of shares worth Rs 800 crore and an offer for sale of 4.85 crore equity shares, according to the draft papers filed in June.

Of the fresh issue, Rs 152.53 crore will be used for expanding cloud kitchens, restaurants, kiosks and Krispy Kreme Theatres, with staggered deployment over FY27-29.

Also, funds will be deployed for a central kitchen, restaurants under subsidiary Fan Hospitality, and additional stakes in units such as Cakezone Foodtech, Millet Express Foods, Munchbox Frozen Foods and Yum Plum.

Additionally, some proceeds will be used to pare debt, cover lease payments and strengthen sales and marketing. PTI SP DR DR