Curefoods India IPO

Curefoods India Limited IPO Strengths

Second Largest Digital-First Food Business in India with Wide Geographical Footprint

Curefoods India Limited is the second largest digital-first food services company in India, operating 502 Service Locations across 70 cities as of March 31, 2025. Its hub-and-spoke model, combining cloud kitchens, kiosks, and restaurants, enables scalable operations, efficient delivery, and multi-brand offerings, driving revenue growth, operational efficiency, and extensive market reach nationally and internationally.

Second Largest Digital-First Food Business in India with Wide Geographical Footprint

Curefoods India Limited ranks as the second largest digital-first food services company in India, with 502 Service Locations across 70 cities as of March 31, 2025. Its hub-and-spoke model, integrating cloud kitchens, kiosks, and restaurants, ensures scalable operations, efficient deliveries, multi-brand offerings, enhanced revenue, operational efficiency, and broad national and international market presence.

Robust Supply Chain and Quality Control Driving Operational Excellence

Curefoods India Limited’s robust supply chain ensures consistent quality and freshness, leveraging strategic sourcing, efficient packaging, and reliable logistics. Its scalable operations use technology and data-driven demand planning to minimize waste and ensure timely deliveries. ISO-certified central kitchens, temperature-controlled transport, rigorous quality checks, and a dedicated R&D team maintain hygiene, safety, and operational excellence across all locations.

Ability to Acquire, Integrate, and Scale New Brands

Curefoods India Limited’s strategic acquisitions and brand integrations have driven its growth and diversification. By identifying market gaps, the company acquires high-potential brands or franchising rights, focusing on proven product-market fit. Notable acquisitions include Sharief Bhai, Olio Pizza, Krispy Kreme, Nomad Pizza, and Millet Express. Post-acquisition, Curefoods scales these brands across Tier I and Tier II+ cities, adapts menus for local preferences, and leverages central kitchens for consistent quality, resulting in significant revenue growth and expanded presence nationwide.

Advanced Technology Stack

Curefoods India Limited leverages an advanced technology stack across its operations, integrating AI, data analytics, SaaS tools, and unified dashboards. This enables efficient order management, inventory optimization, demand forecasting, personalized marketing, and seamless point-of-sale transactions. By analyzing consumer insights and market trends, Curefoods ensures timely delivery, reduces waste, enhances customer satisfaction, and maintains high operational efficiency

Experienced Leadership and Institutional Support

Curefoods India Limited is led by Promoter and CEO Ankit Nagori, supported by a seasoned board and professional management team with extensive experience across consumer internet, health, and F&B sectors. With 5,641 employees as of March 2025, the company’s growth is backed by institutional investors including 3State Ventures, Iron Pillar, Chiratae Ventures, and Accel India.

More About Curefoods India Limited

Curefoods India Limited is an internet-driven multi-brand food services company, offering diverse cuisines catering to varied consumer preferences and dietary needs. As of March 31, 2025, it ranks as the second largest digital-first food services company in India (excluding food delivery marketplaces) by revenue from operations in Fiscal 2024. The company operates through multiple channels, including cloud kitchens, kiosks, and restaurants, collectively referred to as Service Locations. It is among the top two cloud kitchen companies in India in terms of service locations and has emerged as the fastest-growing food services company in Fiscal 2025. Curefoods was the first in the sector to surpass annual revenues of ₹7,500 million within its first five years of operations.

Multi-Brand Strategy

Curefoods operates a portfolio of ten key brands that cater to different price points, cuisines, and meal occasions, including breakfast, lunch, snacks, and dinner. Notable brands include EatFit, HRX, Sharief Bhai, Arambam, Krispy Kreme, Nomad Pizza, and CakeZone. The multi-brand strategy enables the company to:

• Serve a broader customer base with diverse food preferences

• Enhance customer satisfaction through variety and innovation

• Reduce dependency on any single brand or cuisine

• Continuously refresh offerings to maintain engagement

In addition to its home-grown brands, Curefoods strategically acquires other food service companies and integrates their brands into its portfolio, expanding both growth and diversification. Since launching EatFit in 2020, the company has added over nine brands, including acquiring franchising rights for Krispy Kreme across multiple regions by 2025.

Network and Operations

Curefoods leverages a hub-and-spoke model with central kitchens (‘hubs’) and strategically located cloud kitchens, restaurants, and kiosks (‘spokes’) to maximize efficiency and ensure consistent quality. As of March 31, 2025, it operates 502 Service Locations across 70 cities and towns, supported by five central kitchens, 281 cloud kitchens, 99 kiosks, 122 restaurants, and 13 warehouses. The company integrates with online delivery platforms such as Swiggy and Zomato, alongside its own website, providing seamless ordering and payment options.

Technology and Product Innovation

Curefoods employs AI, data analytics, and advanced technology to enhance operations, optimize supply chains, and improve customer experience. Its innovation team develops differentiated food offerings, including gluten-free, protein-rich, and health-focused meals. EatFit emphasizes nutrition transparency, while HRX promotes fitness-oriented dining.

Commitment to Quality and Leadership

The company adheres to ISO 22000:2018 standards, ensuring food safety, hygiene, and consistency. Led by Ankit Nagori, supported by an experienced management team and institutional investors, Curefoods continues to expand its market presence, leveraging technology and consumer insights to capitalize on India’s rapidly growing food services market, projected to reach ₹12–12.6 trillion by 2030

Industry Outlook

Market Size and Growth Projections

• The Indian food services market was valued at approximately ₹6.92 lakh crore (USD 80 billion) in 2024.

• It is projected to reach between ₹12.46 lakh crore (USD 144 billion) and ₹13.15 lakh crore (USD 152 billion) by 2030, growing at a CAGR of 10–11%.

Cloud Kitchen Market Dynamics

• The cloud kitchen segment within the food services industry is experiencing significant growth.

• In 2024, the Indian cloud kitchen market was valued at approximately USD 1.13 billion.

• This market is expected to expand to USD 2.84 billion by 2030, reflecting a CAGR of 16.66%.

Key Growth Drivers

• Urbanization and Changing Lifestyles: Rapid urbanization and evolving consumer lifestyles are increasing the demand for convenient food options.

• Technological Advancements: Integration of technology in food ordering and delivery systems enhances customer experience and operational efficiency.

• Rising Disposable Incomes: Increasing disposable incomes are enabling consumers to spend more on dining out and food delivery services.

• Health and Wellness Trends: Growing awareness of health and wellness is driving demand for nutritious and specialty food offerings.

Product Segmentation and Consumer Preferences

• Cloud Kitchens: Facilities focus solely on food preparation for delivery or takeout, eliminating the need for physical dining spaces.

• Multi-Brand Offerings: Companies are adopting multi-brand strategies to cater to diverse consumer preferences across various cuisines and price points.

• Health-Conscious Menus: There is an increasing trend toward offering health-focused menus, including gluten-free, high-protein, and low-calorie options.

How Will Curefoods India Limited Benefit

• Curefoods India Limited is well-positioned to capitalize on the growing Indian food services market, benefiting from rising demand and urbanization.

• Its multi-brand portfolio allows the company to cater to diverse consumer preferences and price points, enhancing market reach.

• The cloud kitchen model enables rapid scalability without high capital expenditure, supporting faster expansion across cities.

• Advanced technology and AI-driven systems optimize operations, streamline order management, and improve customer experience.

• Health-focused and innovative menu offerings align with rising consumer demand for nutritious and specialty foods.

• Integration with major online delivery platforms increases visibility, accessibility, and revenue potential.

• Strategic acquisitions and franchising opportunities help expand the brand portfolio and diversify revenue streams.

• Centralized kitchens and efficient supply chain management ensure consistent quality, timely delivery, and operational efficiency.

• The company’s digital-first approach allows it to leverage data analytics for targeted marketing and customer engagement.

Peer Group Comparison

Name of the Company	Face Value Per Share (₹)	Revenue (₹ Millions)	EPS (Basic) (₹)	P/E	RoNW (%)	NAV (₹)
Curefoods India	1.00	7,457.96	(5.58)	[●]	(31.29%)	17.84
Peer Groups
Jubilant FoodWorks Limited	2.00	81,417.26	3.41	209.09	9.95%	33.08
Devyani International Limited	1.00	49,510.52	0.08	2,152.63	(0.49%)	11.62
Sapphire Foods India Limited	2.00	28,818.64	0.60	547.75	1.20%	43.47
Westlife Foodworld Limited	2.00	24,911.92	0.78	961.22	2.01%	38.70
Eternal Limited	1.00	202,430.00	0.60	446.31	1.74%	31.41
Swiggy Limited	1.00	152,267.55	(13.72)	NA	(30.50%)	40.98

Key Strategies for Curefoods India Limited

Continue to Expand Portfolio of Brands and Introduce Brand Extensions

Curefoods India Limited focuses on expanding its brand portfolio by launching new brands, acquiring franchising rights for international names, and integrating high-potential brands. This strategy addresses market gaps across cuisines and price points, introduces innovative offerings like Krispy Kreme, and targets emerging categories such as coffee, desserts, and fried chicken.

Focus on Expedited Delivery Channels

Curefoods prioritizes quick commerce by curating menus for delivery under 15 minutes, increasing kitchen density in key clusters, and introducing packaged foods and health snacks. The company leverages delivery metrics and customer feedback to enhance operational efficiency, optimize drive times, and consistently improve expedited delivery performance.

Expand Presence in Existing Markets and Deepen Offline Presence in Tier II+ Cities

Curefoods aims to strengthen market reach by increasing kiosk and restaurant density in existing cities and expanding into Tier II+ regions. Utilizing established supply chains, AI-driven demand planning, and SOPs, the company ensures operational efficiency while offering diverse dining formats and enhancing offline brand visibility.

Expand Presence in International Markets

Curefoods is extending its global footprint, building on its UAE launch. The company leverages delivery and non-delivery models, partners with established platforms, and targets regions with a significant Indian diaspora to tap into growing demand for Indian cuisine and digital food delivery solutions.

Leverage Technology and Data-Driven Insights

Curefoods integrates advanced technology across supply chain, kitchen, and delivery operations. Using AI, analytics, and unified dashboards, it forecasts demand, optimizes inventory, personalizes menus, and enhances customer experience, driving efficiency, scalability, and informed decision-making throughout its operations.