When Curefoods — then known as Eat.fit — hived off from Cult.fit in 2020, it was something of a shot in the dark. The Ankit Nagori-led startup was not a major player among cloud kitchens at the time, and it was seen as a way for both Cult.fit and Eat.fit to sharpen their focus on their respective sectors.

Nagori’s Curefoods is likely to become the first cloud kitchen startup to list publicly after filing its DRHP at the end of June. Its closest rival and bigger player, Rebel Foods is also aiming at a public listing sometime next year, but Curefood seems like it might pip Rebel Foods to the post.

The Binny Bansal-backed startup’s IPO will be closely watched as it is the first public markets test for the cloud kitchen segment in India. It will also serve as a benchmark for the likes of Rebel, WOW! Foods and others that will follow the IPO path.

The startup is aiming to raise 800 Cr via a fresh issue while 4.85 Cr equity shares held by existing shareholders will be up for sale in the public offering.

It’s not uncommon for loss-making companies to go public, but Curefoods is one of the youngest companies to hit the public markets when it does. This has also attracted some attention from the investor ecosystem, amid concerns of limited operational history.

For context, Curefoods marginally brought down its losses to INR 170 Cr in FY25 on revenue of ONR 785 Cr, while Rebel Foods reduced its losses to INR 378 Cr in FY24 from INR 657 in FY23.

The House Of Brands Strategy

In all, Curefoods operates a host of brands across cuisines and formats through 502 cloud kitchens, kiosks, and restaurants across over 70 cities and towns in India. A bulk of these have come through acquisitions that have been a key feature of Curefoods’ relatively short journey thus far.

The company began with just one brand in its kitty — healthy meals brand Eat.fit — but it was followed by a string of acquisitions in 2022 (Canteen Central, Great Indian Khichdi, HomePlate, CakeZone, Instawitch). The momentum continued in 2023 and 2024 with acquisition of brands like The Gravy Company, Olio’s Pizza, Rolls On Wheels , Sharief Bhai among others.

The landmark acquisition however came in 2025 when Curefoods acquired the pan-India rights for popular........

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