Curefoods had filed its draft red herring prospectus in June.
3State Ventures is its biggest backer, having held more than 17% stake prior to this transaction. The latest investment came in at a price of ₹124 per share, valuing Curefoods at about ₹4,000 crore (about $450 million). The company had last raised $25 million from 3State Ventures as part of a larger round that valued it at $375 million (about ₹3,100-3,200 crore).
Founded by Ankit Nagori, who owns more than 27% stake in the company, Curefoods is planning to raise Rs 800 crore through its IPO. The issue includes an offer-for-sale portion, through which investors including Iron Pillar, Accel and Chiratae Ventures are offloading 40.8 million shares.
Curefoods runs more than 500 kitchens in 70 cities, with brands such as Eat Fit, Nomad Pizza, Sharief Bhai Biryani, CakeZone and Frozen Bottle. The company, which operates in the same segment as Rebel Foods, EatClub and Freshmenu, recently acquired pan-India rights for doughnut and coffee brand Krispy Kreme.
Of the total fresh capital being raised, ₹152 crore will be spent on new cloud kitchens, restaurants, kiosks and central kitchens, said Curefoods, with the bulk of the amount to be deployed towards the Krispy Kreme brand. About ₹127 crore will be used to repay certain debt, while part of the remainder will be invested in various subsidiaries to increase its shareholding.The company was started as part of Curefit Healthcare, founded by Mukesh Bansal and Nagori, and was carved out as a separate food-focused entity in 2020 with Nagori taking a majority stake in the firm. Currently, Curefit has about 3% stake and plans to sell part of that in the IPO.
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