Curefoods Secures Rs 160 Cr Boost from Binny Bansal’s 3State Ventures Ahead of IPO

In a resounding vote of confidence from one of India’s e-commerce titans, cloud kitchen powerhouse Curefoods has secured a whopping Rs 160 crore ($18 million) in a pre-IPO placement from 3State Ventures, the savvy investment arm of Flipkart co-founder Binny Bansal. This electrifying infusion not only catapults Curefoods’ valuation to an impressive Rs 4,000 crore ($450 million) but also signals a seismic shift in the hyper-competitive food delivery landscape, where innovation meets insatiable urban appetites.

Picture this: A former Flipkart executive, Ankit Nagori, spots a gaping void in the market for healthy, hassle-free meals amid the pandemic’s delivery boom. Fast-forward to 2025, and his brainchild, Curefoods, isn’t just surviving—it’s thriving, with a sprawling empire of over 500 service locations across more than 70 cities. From the sun-kissed streets of Mumbai to the tech-savvy hubs of Hyderabad, Curefoods’ brands have become synonymous with quick, quality bites that fit seamlessly into the frenzied lifestyles of millennial foodies and Gen Z hustlers. This latest funding round, approved by the board on September 10 and shareholders on September 15, involves allotting 1.28 crore equity shares at Rs 124 each to 3State Ventures—a strategic masterstroke that underscores Bansal’s unerring eye for scalable consumer plays.

For the uninitiated, Curefoods isn’t your run-of-the-mill kitchen setup. Founded in 2020, it’s a multi-brand behemoth that operates on an asset-light model, leveraging shared cloud kitchens to churn out diverse offerings under one roof. Its portfolio reads like a gourmet wishlist: EatFit for those guilt-free, nutrition-packed meals; CakeZone and Frozen Bottle for indulgent dessert escapes; Nomad Pizza and Olio Pizza for cheesy, wood-fired cravings; Sharief Bhai for aromatic biryanis that evoke Hyderabadi nostalgia; Rolls on Wheels for street-style wraps; and even Millet Express for wholesome, grain-based delights. Oh, and let’s not forget the recent feather in their cap—the exclusive franchise rights for Krispy Kreme in India, promising those melt-in-your-mouth doughnuts to a nation of sweet tooths.

This pre-IPO windfall is more than just numbers on a balance sheet; it’s a testament to Curefoods’ blistering growth trajectory. In FY25 alone, the company clocked revenues of Rs 745.8 crore, nearly doubling from Rs 382 crore in FY23—a staggering compound annual growth rate (CAGR) of 39.7%. According to a RedSeer report, Curefoods stands as the first Indian food services player outside delivery marketplaces to shatter the Rs 750 crore annual revenue barrier within five years. Brands like Sharief Bhai (Rs 148 crore) and EatFit (Rs 145.2 crore) spearheaded this surge, accounting for nearly 40% of the topline. Yet, it’s not all fairy-tale profits; the firm narrowed its losses marginally to Rs 170 crore in FY25 from Rs 173 crore the previous year, a nod to operational efficiencies driven by tech-savvy supply chains and multi-brand synergies.

Binny Bansal’s involvement adds layers of intrigue and credibility. The Flipkart co-founder, who stepped away from day-to-day ops in 2018 but remains a venture capital force, has long been a believer in Curefoods. Through 3State Ventures, he already held a commanding 17.3% stake post a Rs 240 crore investment in 2023, making him the second-largest shareholder after Nagori’s 27% holding. This fresh bet isn’t impulsive; it’s a calculated reinforcement of ties. Nagori, Bansal’s ex-colleague at Flipkart, brings that same e-commerce DNA to food tech—optimizing logistics, data analytics, and customer personalization with ruthless precision. “This investment reflects our deep conviction in Curefoods’ ability to redefine urban dining through scalable, tech-enabled models,” a 3State spokesperson hinted in a statement, though Bansal himself has stayed characteristically low-key.

The timing couldn’t be more propitious. Curefoods confidentially filed its Draft Red Herring Prospectus (DRHP) with SEBI in June 2025, eyeing an Rs 800 crore IPO comprising a fresh issue of the same amount and an Offer for Sale (OFS) of up to 4.85 crore shares from early backers like Iron Pillar PCC, Chiratae Ventures India Fund IV, Accel India V (Mauritius), Crimson Winter, and Curefit Healthcare. Founder Nagori, true to his bootstrapped ethos, isn’t offloading any shares. The pre-IPO placement, per SEBI’s Issue of Capital and Disclosure Requirements (ICDR) norms, will dial back the fresh issue size, freeing up capital for immediate firepower rather than diluting it in the public markets.

So, where does this Rs 160 crore turbocharge head? Straight to the heart of expansion. Of the IPO proceeds earmarked for growth, Rs 152.53 crore is slated for bolstering cloud kitchens, restaurants, kiosks, and those swanky Krispy Kreme outlets, rolled out in phases over FY27-29. Curefoods’ playbook is clear: deepen penetration in Tier-2 and Tier-3 cities, where delivery demand is exploding, and diversify sales channels beyond aggregators like Zomato and Swiggy, which currently dominate 70-80% of their orders. The company’s international foray last year—launching Sharief Bhai in the UAE—hints at bolder horizons, tapping into the global diaspora craving authentic Indian flavors.

Zoom out, and this move spotlights the maturation of India’s Rs 80,000 crore food services sector. Cloud kitchens, once dismissed as pandemic Band-Aids, are now cornerstones of a delivery-first economy. Curefoods’ edge lies in its aggregator-agnostic approach, blending virtual brands with physical touchpoints like kiosks and dine-ins. It’s a far cry from the early days when Nagori bootstrapped with a single kitchen in Bengaluru, navigating supply chain snarls and fleeting consumer trends. Today, with marquee investors like Bansal on board, the company is poised to capture a larger slice of the $5 billion organized cloud kitchen pie by 2027, per industry estimates.

Critics might quibble over the persistent losses—after all, scaling in food tech is a high-wire act of razor-thin margins and volatile ingredient costs. But optimists see silver linings: Curefoods’ tech stack, including AI-driven demand forecasting and waste minimization, is already yielding dividends. Partnerships with global icons like Krispy Kreme aren’t just vanity metrics; they’re revenue multipliers, blending American indulgence with Indian scalability.

As India’s middle class swells and urban dwellers shun traditional cooking for curated convenience, Curefoods embodies the next wave of F&B disruption

follow us on linkedin and instagram

also read: Elev8 Venture Partners Secures Rs 1,400 Crore Fund to Propel Indian Startups to New Heights

Last Updated on: Monday, September 29, 2025 1:42 pm by Business Max Team | Published by: Business Max Team on Monday, September 29, 2025 1:42 pm | News Categories: Funding News

About The Author