From Kitchens to Capital Markets: Binny Bansal-Backed Curefoods IPO is Here

The aroma of India’s foodtech story is getting richer—and this time, it’s not just coming from a delivery box, but straight from the capital markets. In a move that signals the growing maturity of India’s consumer internet ecosystem, Bengaluru-based cloud kitchen startup Curefoods has officially filed for an ₹800 crore Initial Public Offering (IPO).

This IPO marks more than just another company going public—it’s a milestone for a new-age food business that has grown from cloud kitchens to being investor boardroom-ready, and now, stock market-bound.

Let’s take a closer look at how Curefoods, the brainchild of a Flipkart veteran and backed by a Flipkart co-founder, is cooking up its next big course.

The IPO Dish: What’s on the Table?

According to the draft red herring prospectus (DRHP) filed with SEBI, Curefoods plans to raise ₹800 crore through a fresh issue of equity shares. Additionally, the IPO includes an Offer-for-Sale (OFS) of 4.85 crore equity shares, which means some early backers and investors will be partially cashing out.

The OFS will see exits by some well-known names in the venture capital ecosystem:

• Iron Pillar PCC

• Crimson Winter

• Accel India V (Mauritius)

• Chiratae Ventures India Fund IV

• Global eCommerce Consolidation Fund

• Alteria Capital Fund

• Curefit Healthcare

That’s not all—Curefoods might also go in for a ₹160 crore pre-IPO placement, which could potentially reduce the fresh issue component of the IPO.

Who’s Behind the Brand?

Ankit Nagori, the founder of Curefoods, is no stranger to scale. Once a top executive at Flipkart, Nagori left the e-commerce giant with a clear vision—to redefine how India eats.

He launched Curefoods with a mission to build a portfolio of digital-first, delivery-native food brands. From biryanis to salads, from pizza to pan-Asian delights, Curefoods owns and operates some of the fastest-growing online food brands in India. But instead of setting up physical restaurants, the company taps into the cloud kitchen model—a format where multiple food brands operate under one kitchen roof, serving orders through online platforms.

From Flipkart to Foodtech: A Strong Investor Line-Up

The company’s cap table reads like a who’s who of India’s startup investors. And one name stands out prominently—Binny Bansal, co-founder of Flipkart. His firm, 3State Ventures Pte, will own 17.32% post-IPO, while Ankit Nagori will remain the largest shareholder with 27.80% on a fully diluted basis.

Here’s a snapshot of other key shareholders after the IPO:

• Iron Pillar – 13.53%

• Chiratae Ventures – 8.23%

• Accel India V – 7.17%

This strong backing not only highlights the confidence investors have in Curefoods’ model but also strengthens its appeal as a retail investor opportunity.

How Will the Funds Be Used?

The IPO proceeds from the fresh issue aren’t just about liquidity—they’re about growth. Curefoods plans to invest in operational expansion, infrastructure enhancement, and strategic initiatives. This could include setting up more kitchens, investing in supply chain tech, or acquiring other food brands.

The company, which has already expanded across major Indian cities, aims to deepen its footprint and diversify its menu offerings even further. In a segment where convenience is king and customer loyalty is fleeting, growth must come with innovation—and Curefoods seems ready.

A Positive Signal for India’s IPO Pipeline

Curefoods’ IPO plans come at a time when the Indian IPO market is seeing renewed enthusiasm in 2025, especially in the consumer internet and foodtech spaces. The listing is likely to draw attention not just from institutional investors but also from everyday market watchers keen on betting on India's changing consumption patterns.

If successful, Curefoods could become a case study in how digital-first brands can scale profitably and go public, especially in segments like food, which have traditionally remained brick-and-mortar heavy.

What This Means for India’s Startup Ecosystem

In many ways, Curefoods represents the new face of Indian entrepreneurship—technology-led, asset-light, and powered by a sharp understanding of consumer behaviour. With its IPO, Curefoods joins a small but growing league of Indian startups that have not just raised VC money but are now ready for the public stage.

For startups in the cloud kitchen space, this move could also be the much-needed credibility boost—proving that delivery-only food brands can scale to become capital market darlings.

From Flipkart boardrooms to cloud kitchens to now Dalal Street, Ankit Nagori’s journey with Curefoods captures the imagination of a maturing Indian startup ecosystem. Backed by strong investors and driven by India’s love for food-on-demand, Curefoods' IPO is not just a funding event—it’s a signal that India’s digital food revolution is entering its next chapter.

The stock markets might soon have a taste of the future of food.