[Update] Curefoods Gets SEBI Nod For Its IPO

Update | 17:45 IST

Olio’s Pizza owner Curefoods has secured the markets regulator SEBI’s nod to proceed with its public listing.

As per the latest update on SEBI website, the regulator issued observations to the company on October 24. In SEBI’s parlance, issuance of observations is a green light to proceed with the public offer.

Original | 14:40 IST

Cloud-kitchen startup Curefoods has reportedly obtained the market regulator Securities and Exchange Board of India’s (SEBI) approval to undertake its initial public offering (IPO).

While there has not been a public announcement, sources confirmed the development to Moneycontrol.

Curefoods’ proposed IPO will comprise a fresh issue of shares worth up to INR 800 Cr ($304 Mn) and an offer for sale (OFS) of up to 4.85 Cr equity shares by existing shareholders.

The company filed its draft red herring prospectus (DRHP) in late June, following which, it raised INR 160 Cr (around $18 Mn) in pre-IPO placement from Flipkart cofounder Binny Bansal’s 3State Ventures in September.

The company plans to use the IPO proceeds for expansion, repayment or prepayment of borrowings, investment in its subsidiaries Fan Hospitality Services and Cakezone Foodtech, sales and marketing initiatives, and other strategic purposes.

Investors including Iron Pillar, Crimson Winter, Accel India, Chiratae Ventures, among others would offload shares via the OFS.

On the financial front, the startup’s net loss remained almost flat at INR 169.9 Cr in the year ended March 2025 as against INR 172.6 Cr in FY24. Operating revenue stood at INR 745.8 Cr in FY25, up 27.4% from INR 585.1 Cr in the previous fiscal year.

With this, Curefoods joins the growing list of homegrown startups headed to Dalal Street this year. In the past few weeks, startups namely, Shadowfax, Wakefit, Lenskart, Capillary Technologies, among others have secured SEBI’s approval to proceed with their public listing plans.

Meanwhile, Curefoods’ market rival Rebel Foods, is also gearing up for a public-market listing in 2026. In the run up to filing its IPO papers, Rebel Foods has reportedly raised $25 Mn from Qatar Investment Authority at a valuation of $1.4 Bn last month.

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