Food-tech startup Curefoods has decided to postpone its IPO plans and focus on improving profitability and expanding its offline business. The Bengaluru-based company, founded by former Flipkart executive and Cult.fit co-founder Ankit Nagori, was preparing to enter the stock market after receiving regulatory approval. However, changing market conditions and investor concerns have led the company to change its plans.
The decision comes at a time when investors are becoming more cautious about investing in loss-making technology startups. Instead of rushing towards a public listing, Curefoods is now focusing on sustainable growth, better operations, and building a stronger retail presence.
Curefoods Expands Its Food Brands Across India
Founded in 2020, Curefoods has quickly become one of India’s biggest cloud kitchen companies. The company operates more than 500 locations across over 70 cities and manages a portfolio of more than 20 food brands.
Its popular brands include EatFit, Sharief Bhai Biryani, CakeZone, Olio Pizza, and Nomad Pizza. Over the past year, customer preferences have changed, creating new growth opportunities for the company.
Desserts emerged as the company’s best-performing category in FY25, followed by pizza and Indian meals. At the same time, sales from EatFit’s healthy meal offerings saw a decline compared to the previous year.
To grow its business further, Curefoods has been expanding into new categories. The company acquired the South and West India rights for Krispy Kreme and plans to grow the brand through cloud kitchens and physical stores. It is also expanding PapaCream, a premium ice cream brand, and has launched a fried chicken brand called PHAT.
Curefoods has also started taking its brands overseas. Sharief Bhai has already entered Middle Eastern markets, while Olio Pizza is expected to expand further in the region.
Investor Concerns Lead to IPO Delay
Curefoods filed its draft IPO papers in 2025, planning to raise fresh capital worth ₹800 crore along with an offer for sale by existing shareholders. The funds were expected to support expansion and reduce debt.
Ahead of the IPO, the company raised ₹160 crore from Binny Bansal’s investment firm, 3State Ventures. This funding round valued Curefoods at around ₹4,000 crore.
However, investors reportedly questioned the valuation during pre-IPO meetings. Many institutional investors were not comfortable paying a high valuation for a company that is still reporting significant losses despite strong revenue growth.
Market uncertainty also played a major role in the decision. Global geopolitical tensions and weak sentiment towards technology stocks have made investors more selective. As a result, Curefoods has reportedly put its IPO plans on hold until at least 2027.
The company reported operating revenue of nearly ₹746 crore in FY25, showing strong growth compared to the previous year. However, its net loss remained close to ₹170 crore, highlighting the challenges of achieving profitability in the competitive food delivery industry.
Company Shifts Focus Towards Profitability
With the IPO delayed, Curefoods is now concentrating on improving its business fundamentals and increasing profitability.
Ankit Nagori has said that the company no longer wants to chase rapid expansion. Instead, Curefoods plans to grow at a controlled rate of around 20–25% annually. According to the company, this approach will help maintain product quality and improve operational efficiency.
One of the key steps involves centralising food preparation. A large portion of food is now prepared at central kitchens before being supplied to individual outlets. This helps reduce costs and improve consistency across locations.
Another major focus is reducing dependence on food delivery platforms such as Swiggy and Zomato. Currently, a significant share of Curefoods’ revenue comes through these aggregators, where commissions and customer acquisition costs affect margins.
To address this issue, the company plans to invest heavily in physical retail stores. Management expects offline outlets to contribute 40–50% of total revenue over the next five years. The company has already set aside significant funds every year for this expansion.
At the same time, competition in the cloud kitchen industry remains intense. Market leader Rebel Foods continues to grow rapidly and remains much larger in terms of revenue and scale.
For now, Curefoods is focusing on building a stronger and more profitable business rather than pursuing a stock market listing. If the company succeeds in improving its margins and expanding its offline network, it could return to the IPO market in a stronger position in the coming years.