Cloud kitchen main Curefoods, which operates manufacturers reminiscent of EatFit, CakeZone and Krispy Kreme, has acquired approval from the Securities and Alternate Board of India (SEBI) for its Rs 800 crore preliminary public providing (IPO), in accordance with media experiences.

The difficulty will embrace each a recent situation and an offer-for-sale (OFS) of as much as 4.85 crore shares, giving early buyers the prospect to partially or totally exit. Founder and CEO Ankit Nagori will retain his total holding and isn’t taking part within the OFS.

Amongst these decreasing stakes are Iron Pillar, Crimson Winter, Accel, Chiratae Ventures, and Curefit Healthcare, which was co-founded by Mukesh Bansal and Nagori. Iron Pillar is about to be the biggest vendor, divesting 1.91 crore shares, adopted by Crimson Winter (97.6 lakh shares), Accel (45.7 lakh), Chiratae (36.6 lakh), and Curefit (12.8 lakh).

Iron Pillar’s exit worth is estimated to be 2.6 instances larger than that of Accel and Chiratae, based mostly on their weighted common acquisition costs.

Of the Rs 800 crore raised by way of the recent situation, Curefoods plans to allocate Rs 152.5 crore to broaden its cloud kitchen community and infrastructure, Rs 126.9 crore to repay borrowings, and Rs 92 crore to its subsidiary Fan Hospitality, which manages kitchen operations. The corporate has additionally earmarked Rs 40 crore for lease deposits and Rs 14 crore for advertising and brand-building. It could elevate Rs 160 crore by way of a pre-IPO placement, doubtlessly decreasing the recent situation dimension.

The Bengaluru-based startup almost doubled its income in two years, from Rs 382 crore in FY23 to Rs 746 crore in FY25, however continues to submit losses. Internet loss stood at Rs 170 crore in FY25, broadly unchanged year-on-year, whereas EBITDA losses narrowed sharply from Rs 276 crore to Rs 58 crore over the identical interval.

Regardless of enhancing margins, Curefoods continues to burn money, spending Rs 1.27 to earn each Rs 1 in income. Worker churn additionally stays excessive, with attrition at 111.7% in FY25, following two years above 120%.

The corporate stays closely depending on meals aggregators reminiscent of Swiggy and Zomato, which contributed over 82% of its FY25 income. It cautioned that any change in aggregator fee buildings—at present about 18–22%—may materially impression profitability.

In September, 3State Ventures, based by Flipkart cofounder Binny Bansal, invested Rs 160 crore in a pre-IPO spherical. Curefoods joins a rising listing of Indian startups getting ready to go public, together with Shadowfax, Wakefit, Capillary Applied sciences, and Lenskart.