NEW DELHI: IPO-bound Curefoods, a Bengaluru-based multi-brand food services company, is sharpening its focus on Tier-2 cities as it gears up for the next phase of growth, according to its draft papers.
The firm, which turns five this Monday, is treating the milestone as a springboard to expand beyond metros. Curefoods sees Tier-2 markets as an underpenetrated opportunity, driven by higher disposable incomes, the gig economy, and wider adoption of digital payments.
“We intend to use our existing footprint to support expansion and deepen offline presence in Tier-2+ cities by leveraging our scalable supply chain network,” the company said in its draft filing with Sebi.
Industry data highlights the potential. Redseer Research estimates India’s food services market at ₹6.6 lakh crore in 2024, projected to nearly double to ₹12–12.6 lakh crore by 2030, growing at 10–11% annually. While metros and Tier-1 cities remain focused on convenience and variety, Tier-2 markets are shifting from affordability to branded and experiential dining.
Curefoods has built significant scale in a fragmented industry. Redseer notes that only a few players have crossed the ₹500 crore revenue mark. Curefoods, with its multi-brand strategy, reported operating revenue of ₹746 crore in FY25, up 27.5% year-on-year, from 502 outlets across 70 towns and cities.
Its growth blueprint includes kiosks in malls and tech parks, full-service dine-in restaurants, and shop-in-shop quick-service formats. To ensure consistency, the company is rolling out standard operating procedures and deploying its tech stack—featuring AI-driven demand planning and real-time order tracking.
The upcoming IPO will consist of a fresh issue worth ₹800 crore and an offer for sale of 4.85 crore equity shares, pending Sebi’s approval. Of the proceeds, ₹152.5 crore will fund the expansion of cloud kitchens, restaurants, kiosks, and Krispy Kreme Theatres over FY27–29. Investments are also planned for a central kitchen, Fan Hospitality restaurants, and additional stakes in subsidiaries such as Cakezone Foodtech, Millet Express Foods, Munchbox Frozen Foods, and Yum Plum.
Other funds will go toward debt reduction, lease payments, and marketing initiatives.
Founded in 2020 by Ankit Nagori, Curefoods operates a portfolio spanning healthy food brands (EatFit, Millet Express), desserts (CakeZone, Frozen Bottle), pizzas (Olio Pizza, Nomad Pizza), Indian cuisine (Sharief Bhai Biryani, Rolls on Wheels), and most recently, Krispy Kreme’s franchise rights in India.
