Curefoods has postponed its planned Rs8bn ($83.9m) initial public offering (IPO), despite having already received regulatory clearance from the Securities and Exchange Board of India (SEBI).
According to The Economic Times report, the Indian cloud kitchen operator paused its public listing due to volatile market conditions. It added that Curefoods is adopting a “careful strategy”.
The company filed preliminary papers with SEBI to raise funds through an IPO in June 2025.
At the time, the IPO was structured as a Rs8bn fresh issue alongside an offer-for-sale of 48.5 million equity shares by existing shareholders.
The offer-for-sale covered share sales by Accel India V, Alteria Capital Fund, Chiratae Ventures India Fund IV, Crimson Winter, Curefit Healthcare Global eCommerce Consolidation Fund and Iron Pillar PCC.
Curefoods' move to delay its IPO aligns with a broader pullback among Indian startups, many of which are delaying listings as investors remain cautious. Other major players, including Flipkart and PhonePe, have also put their listing plans on hold.
Founded by Ankit Nagori, Curefoods operates a multi-brand cloud kitchen network spanning Indian meals, pizza, desserts and health-focused offerings.
The company operates brands such as CakeZone, Frozen Bottle, Sharief Bhai and Krispy Kreme.
In FY25, Curefoods reported revenue of Rs7.45bn, up from Rs5.85bn in FY24, while losses narrowed slightly to Rs1.7bn from Rs1.72bn.
Last September, Curefoods raised Rs1.6bn in a pre-IPO round that drew participation from 3State Ventures, the investment arm of Flipkart co-founder Binny Bansal.
