Binny Bansal's 3State Ventures invests Rs 160 crore in Curefoods pre-IPO round
Flipkart cofounder Binny Bansal’s investment firm 3State Ventures has picked up stake worth Rs 160 crore in IPO-bound cloud kitchen startup Curefoods.
Bengaluru-based Curefoods filed its draft red herring prospectus (DRHP) to raise Rs 800 crore through the IPO, which also comprises an offer for sale (OFS) component of 4.08 crore shares.
Through the OFS, existing investors such as Accel, Chiratae Ventures, Nordstar Partners, Iron Pillar, Alteria Capital, and Curefit Healthcare will partly sell their stakes, according to the company's filing with market regulator Sebi.
Of the amount being raised, Rs 152 crore will be used to open new cloud kitchens, restaurants, kiosks, and central kitchens, most of which will support the expansion of the Krispy Kreme brand for which Curefoods secured pan-India rights. Another Rs 127 crore will go towards debt repayment, while some funds will be invested in various subsidiaries to increase the company’s ownership in them.
Curefoods currently operates over 500 kitchens across 70 cities, managing well-known brands like Eat Fit, Nomad Pizza, Sharief Bhai Biryani, CakeZone, and Frozen Bottle.
Among its major investors, Flipkart cofounder Binny Bansal’s 3State Ventures holds the largest institutional stake at 18.9%, followed by Iron Pillar, which owns 12.9% through multiple investment entities.
Curefoods’ IPO plans come at a time when many other digital-first and tech-driven companies are preparing to go public. These include names like Lenskart, Groww, Meesho, PhysicsWallah, Capillary Technologies, and Boat, among others.
Bengaluru-based Curefoods filed its draft red herring prospectus (DRHP) to raise Rs 800 crore through the IPO, which also comprises an offer for sale (OFS) component of 4.08 crore shares.
Through the OFS, existing investors such as Accel, Chiratae Ventures, Nordstar Partners, Iron Pillar, Alteria Capital, and Curefit Healthcare will partly sell their stakes, according to the company's filing with market regulator Sebi.
Of the amount being raised, Rs 152 crore will be used to open new cloud kitchens, restaurants, kiosks, and central kitchens, most of which will support the expansion of the Krispy Kreme brand for which Curefoods secured pan-India rights. Another Rs 127 crore will go towards debt repayment, while some funds will be invested in various subsidiaries to increase the company’s ownership in them.
Curefoods currently operates over 500 kitchens across 70 cities, managing well-known brands like Eat Fit, Nomad Pizza, Sharief Bhai Biryani, CakeZone, and Frozen Bottle.
Among its major investors, Flipkart cofounder Binny Bansal’s 3State Ventures holds the largest institutional stake at 18.9%, followed by Iron Pillar, which owns 12.9% through multiple investment entities.
Curefoods’ IPO plans come at a time when many other digital-first and tech-driven companies are preparing to go public. These include names like Lenskart, Groww, Meesho, PhysicsWallah, Capillary Technologies, and Boat, among others.
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