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Curefoods raises Rs 160 Cr in pre-IPO placement from Binny Bansal’s 3State Ventures

EntrackrEntrackr · 10d ago
Curefoods raises Rs 160 Cr in pre-IPO placement from Binny Bansal’s 3State Ventures
Medial

Curefoods raises Rs 160 Cr in pre-IPO placement from Binny Bansal’s 3State Ventures Cloud kitchen operator Curefoods has raised Rs 160 crore ($18 million) in a pre-IPO placement from 3State Ventures, the investment arm of Flipkart co-founder Binny Bansal. According to the press release, Curefoods has allotted 1.28 crore equity shares at Rs 124 per share to 3State Ventures. The Bengaluru-based firm had filed its draft red herring prospectus (DRHP) in June to raise Rs 800 crore through a fresh issue along with an offer for sale (OFS) of 4.08 crore shares by early investors, including Iron Pillar, Chiratae Ventures, Crimson Winter, Accel, and Curefit Healthcare, among others. Founder and CEO Ankit Nagori will not participate in the OFS. As per the DRHP, the company plans to use the proceeds from the fresh issue to expand its network of cloud kitchens, restaurants, kiosks, and central kitchens, repay debt, invest in its subsidiary Fan Hospitality, and cover working capital and general corporate expenses. JM Financial, IIFL Capital, and Nuvama Wealth Management are the book-running lead managers to the issue. Curefoods operates a multi-brand cloud kitchen business across categories like Indian meals, pizza, desserts, and health-focused food. Its portfolio brands include EatFit, CakeZone, Nomad Pizza, Frozen Bottle, Sharief Bhai, and Krispy Kreme. The company closed FY25 with revenue of Rs 745.8 crore, up from Rs 585.1 crore in FY24, while losses narrowed to Rs 170 crore from Rs 172.6 crore in the previous year. Backed by marquee investors including Binny Bansal, Curefoods has rapidly scaled to over 500 service locations across more than 70 cities. It also expanded overseas last year with the launch of Sharief Bhai in the UAE. The pre-IPO funding from 3State Ventures is expected to reduce the size of the fresh issue in Curefoods’ upcoming IPO.

Curefoods to raise debt from Blacksoil and Binny Bansal

EntrackrEntrackr · 6m ago
Curefoods to raise debt from Blacksoil and Binny Bansal
Medial

Exclusive: Curefoods to raise debt from Blacksoil and Binny Bansal Cloud kitchen startup Curefoods is raising Rs 56.4 crore (approximately $6.6 million) in debt, led by BlackSoil Group and with participation from existing backer Binny Bansal. This will be the first debt round for the Bengaluru-based firm this year. The board at Curefoods has passed a special resolution to issue 1,000 non-convertible debentures at an issue price of Rs 5,00,000 each to BlackSoil, raising Rs 50 crore, and 595 compulsory convertible debentures to Binny Bansal worth Rs 6.4 crore, according to a regulatory filing accessed from the Registrar of Companies (RoC). The proceeds will be used for the company's working capital requirements and business expansion, as per filings. Curefoods is a cloud kitchen platform operating brands such as EatFit, Sharief Bhai, Olio Pizza, Krispy Kreme, Nomad Pizza, and others. Currently, it runs over 100 kitchens in over 200 locations in India. According to startup data intelligence platform TheKredible, Curefoods has raised $125 million across rounds from the likes of Binny Bansal-backed Three State Capital, Iron Pillar, and Chiratae Ventures, among others. Curefoods has also raised Rs 37 crore from Landmark Group in February via equity. Curefoods demonstrated notable financial performance in FY24, reporting a surge of over 50% in operating revenue to Rs 585 crore, while reducing losses by 50% to Rs 172.6 crore during the same period. The Ankit Nagori-led firm is reportedly planning to launch its $300–400 million initial public offering (IPO) in the latter part of FY26.

Capillary Technologies files DRHP; to raise Rs 430 Cr via fresh issue

EntrackrEntrackr · 3m ago
Capillary Technologies files DRHP; to raise Rs 430 Cr via fresh issue
Medial

Capillary Technologies files DRHP; to raise Rs 430 Cr via fresh issue Loyalty management firm Capillary Technologies has filed its Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) for an initial public offering (IPO) on Thursday. The IPO includes a fresh issue of equity shares worth Rs 430 crore (approximately $50 million) and an offer for sale (OFS) of 1.83 crore equity shares, according to the DRHP. Earlier this month, the Bengaluru-based firm received the board nod for its planned Rs 2,250 crore or $265 million Initial Public Offering. Capillary Technologies International Pte. Ltd will offload approximately 77.6%, or 1.43 crore shares, of the total OFS. Other participants in the OFS include Ronal Holdings, Trudy Holdings, Filter Capital, and individual shareholders such as Sripathi Venkata Ramana Reddy, Harminder Sahni, Adarsh Reddy, Sudhakar Reddy, Sripathi Damodar Reddy, and Manjunath Nanjaiah. As per the DRHP, Capillary Technologies International Pte Ltd, the promoter, holds a 65.47% stake in the company. Ronal Holdings and AVP Fund (Avataar Ventures) follow with holdings of 7.53% and 5.51%. Trudy Holdings and Filter Capital India own 4.49% and 3.66%, respectively. Capillary Technologies plans to list its shares on both the National Stock Exchange (NSE) and the Bombay Stock Exchange (BSE). The IPO will be managed by JM Financial, IIFL Capital, and Nomura Financial Advisory, who are acting as the book-running lead managers. According to the DRHP, the net proceeds from the fresh issue will be utilized for cloud infrastructure costs, research, design, development, and other general corporate purposes. In the previous fiscal year ended March 2025, the company recorded a 14% year-on-year growth in its revenue to Rs 598 crore, up from Rs 525 crore in FY24. It also posted a net profit of Rs 14.1 crore in FY25, compared to a loss of Rs 68.3 crore in FY24.

Binny Bansal’s Three State Ventures invests $25 Mn in Curefoods

EntrackrEntrackr · 1y ago
Binny Bansal’s Three State Ventures invests $25 Mn in Curefoods
Medial

Cloud kitchen startup Curefoods has raised an additional capital of $25 million in its Series D round from Three State Ventures, a fund launched by Flipkart co-founder Binny Bansal. The company raised $36 million in the first tranche of Series D and is now valued at $375 million, according to Curefoods founder and CEO Ankit Nagori. As per data intelligence platform TheKredible, it has raised more than $190 million to date. Bansal made the investment by buying out Cultfit’s remaining stake in the cloud-kitchen platform and from some angel investors, according to an ET report. Four-year-old Curefoods operates brands like EatFit, Yumlane, Aligarh House Biryani, Masalabox and CakeZone. It has over 100 kitchens in over 200 locations across 15 cities serviced by a backend operation of over 7 food factories, and 150 multi-brand cloud kitchens. Also Read: Decoding the financial health of leading cloud kitchen startups Besides fundraising, the company also acquired two brands – YumLane Pizza and Millet Express in 2023. Curefoods competes with Rebel Foods and Box8, FreshMenu, and a host of independent brands such as Biryani Blues and Biryani by Kilo. Among the cloud kitchen brands, Curefoods is the second largest brand in terms of revenue after Rebel Foods. While Rebel Foods’ revenue from operations grew 39.2% to Rs 1,195 crore in FY23, Curefoods reported Rs 384 crore in revenue followed by EatClub with revenues exceeding Rs 300 crore in the same period. Biryani By Kilo also claims a revenue of around Rs 300 crore in the last fiscal year.

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