Bengaluru’s fast-growing multi-brand food company Curefoods has taken another decisive step toward its public market debut. The company raised ₹160 crore in a pre-IPO placement from 3State Ventures, the Singapore-based investment firm led by Flipkart co-founder Binny Bansal. This investment strengthens Curefoods’ balance sheet, validates its business strategy, and sends a strong message of confidence to the market ahead of its initial public offering.
The Structure of the Deal
Curefoods issued 1.28 crore shares at ₹124 per share to 3State Ventures. The company’s board approved the allotment on September 10, and shareholders gave their nod on September 15. These shares will count toward the planned fresh issue in the IPO, in line with SEBI’s regulations under the Issue of Capital and Disclosure Requirements (ICDR).
This structure ensures that the pre-IPO investors become part of the larger public issue and do not dilute future shareholders unfairly. It also allows Curefoods to access growth capital quickly while reducing the fresh capital it needs to raise from the broader market when the IPO goes live.
Curefoods’ Path to IPO
Curefoods filed its Draft Red Herring Prospectus (DRHP) in June 2025. The filing laid out its intent to raise up to ₹800 crore through a fresh issue of shares. Alongside this, several existing investors planned to sell part of their holdings through an Offer for Sale (OFS). With the pre-IPO placement now complete, the company has already locked in ₹160 crore of its fundraising target.
By securing a high-profile investor like Binny Bansal before the IPO, Curefoods signals to institutional and retail investors that seasoned players in the Indian startup ecosystem believe in its long-term growth story. This endorsement can boost market confidence and help drive demand when the IPO opens for subscription.
A Look at Curefoods’ Business
Curefoods has built itself as a diversified food services company rather than a single-brand player. It runs multiple popular brands that span cloud kitchens, quick-service restaurants, kiosks, and even dine-in formats. Its flagship brands include EatFit, Nomad Pizza, CakeZone, Frozen Bottle, and Sharief Bhai. The company has also secured franchise rights for international names like Krispy Kreme in select markets.
As of March 2025, Curefoods operated over 500 service locations across more than 70 Indian cities. The company focuses on a hybrid approach that combines cloud kitchens for scalability and physical outlets for visibility and customer engagement. This model gives Curefoods a wide reach while optimizing costs.
In terms of financials, Curefoods reported revenue from operations of approximately ₹746 crore in FY25. While the company remains loss-making, it continues to narrow losses as it scales operations and improves efficiency. The revenue growth reflects rising demand for food delivery, the popularity of multi-brand platforms, and Curefoods’ ability to acquire and integrate brands effectively.
Why Binny Bansal Invested
Binny Bansal has built a reputation for backing high-growth businesses with strong digital and consumer-focused models. Through 3State Ventures, he has invested in several startups across India and Southeast Asia. His investment in Curefoods highlights a conviction in the long-term potential of food technology and multi-brand restaurant platforms.
Curefoods aligns well with Bansal’s philosophy of backing companies that leverage technology, scale quickly, and build ecosystems around consumer demand. The company uses data insights, technology-driven supply chains, and cloud kitchens to optimize delivery times and reduce operational costs. These capabilities create the kind of scalable business model that attracts visionary investors.
The Significance of Pre-IPO Placements
Pre-IPO placements play a critical role in India’s capital markets. Companies raise money from institutional investors before the IPO to strengthen their balance sheets and reduce market risk. Such placements also give early signals about valuation, demand, and investor confidence.
For Curefoods, the ₹160 crore placement reduces the pressure to raise the entire ₹800 crore from the market. It also shows that an experienced entrepreneur like Binny Bansal believes in the business. This vote of confidence can attract mutual funds, retail investors, and foreign institutional investors when the IPO opens.
The Competitive Landscape
Curefoods operates in a competitive sector where players like Rebel Foods (known for brands such as Faasos and Behrouz Biryani), Biryani By Kilo, and Swiggy’s cloud kitchen initiatives also fight for market share. Competition remains intense in food delivery, with companies battling for both consumer loyalty and restaurant partnerships.
Curefoods differentiates itself by running a portfolio of brands rather than focusing on a single cuisine. This strategy allows the company to capture diverse consumer preferences, from health-focused meals through EatFit to indulgent desserts through CakeZone. By catering to multiple segments, Curefoods spreads its risk and maximizes revenue opportunities.
The company also focuses heavily on brand acquisition. It has acquired and integrated several regional food businesses, using its infrastructure to scale them nationally. This inorganic growth strategy sets Curefoods apart from competitors that rely solely on organic expansion.
Opportunities Ahead
The Indian food services market continues to grow rapidly. Rising disposable incomes, urban lifestyles, and widespread adoption of food delivery apps have transformed how Indians eat. Analysts project the sector to cross several billion dollars in value over the next few years.
Curefoods can ride this wave by scaling its presence into tier-2 and tier-3 cities, where demand for affordable and reliable food delivery is rising. Its multi-brand approach makes it well-positioned to cater to different tastes and spending power across regions.
Technology also opens new opportunities. Curefoods invests in predictive demand analytics, centralized kitchens, and efficient supply chain systems. These innovations allow it to maintain quality, reduce wastage, and deliver at competitive prices.
Challenges and Risks
Despite strong growth, Curefoods faces several challenges.
- Profitability pressure: Food delivery remains a low-margin business. Curefoods needs to scale further and optimize operations to turn profitable.
- Competition: Rivals like Rebel Foods, Swiggy Access, and Zomato’s experimental kitchens pose constant threats.
- Consumer behavior: Eating habits evolve quickly, and trends shift fast. Brands need continuous innovation to stay relevant.
- IPO scrutiny: Once it goes public, Curefoods will face stricter scrutiny from investors and regulators. Any misstep in execution could hurt its stock performance.
Managing these risks will require careful strategy, disciplined execution, and a relentless focus on customer experience.
What the Deal Means for the IPO
The investment from 3State Ventures sends a clear signal to the market. It tells investors that Curefoods has both capital and credibility. With Binny Bansal’s backing, the company can position itself as one of the strongest consumer IPO stories in India’s food services space.
The pre-IPO round also sets a benchmark for valuation. At ₹124 per share, the placement gives analysts a base to estimate Curefoods’ potential IPO pricing and market capitalization. While the final pricing will depend on demand during the roadshow, the placement indicates strong appetite from seasoned investors.
Conclusion
Curefoods stands at an exciting juncture. The company has built a powerful portfolio of food brands, scaled across dozens of cities, and grown its revenues rapidly. The ₹160 crore pre-IPO placement from Binny Bansal’s 3State Ventures strengthens its war chest and boosts investor confidence.
As it moves toward an ₹800 crore IPO, Curefoods will enter the market with both momentum and credibility. If it can navigate profitability pressures, manage competition, and continue scaling effectively, Curefoods can emerge as one of India’s leading publicly listed food services companies.
The investment underscores a larger trend as well: India’s consumer tech entrepreneurs continue to back the next generation of businesses, creating a virtuous cycle of capital, mentorship, and growth. Curefoods now carries not only its own ambitions but also the weight of expectations from investors, consumers, and the market at large.
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