Cloud kitchen start-up Curefoods eyes $400M IPO, initiates preparations
What's the story
Curefoods, a cloud kitchen start-up founded by former Flipkart executive Ankit Nagori in 2020, has started gearing up for its initial public offering (IPO). The company is in talks with investment banks and legal firms to handle the process, as per Moneycontrol. Insiders told the publication that the advisors are likely to be appointed in the coming weeks.
Fundraising goals
Curefoods aims to raise up to $400 million through IPO
Accel-backed Curefoods is looking to raise $300-400 million in its upcoming IPO. The public offering is scheduled for the second half of the new fiscal year commencing April 1. However, the final size of the IPO will depend on how much secondary shares current investors sell. The company has raised money from several firms including Iron Pillar and Chiratae Ventures, etc.
Growth plans
Curefoods's expansion and acquisition strategies
Curefoods has been aggressively expanding its business by adding brands such as Frozen Bottle to its portfolio. The company runs over 500 cloud kitchens and offline stores in 40 Indian cities, serving a range of cuisines. It recently announced a deal to acquire the operations of Krispy Kreme in South and West India from the Landmark Group.
Revenue growth
Curefoods's financial performance and future projections
Curefoods has shown remarkable financial growth with its consolidated revenue hitting ₹585 crore in FY24, a 53% jump from the last fiscal year. The company is expected to close FY25 with an annual revenue run-rate of around ₹1,000 crore. However, despite these gains, Curefoods posted a consolidated loss of ₹172.6 crore in FY24, lower than ₹342.7 crore in the last fiscal year.