The company has joined the list of new-age companies deferring their listing plans after preparing for the public markets
After the roadshows failed to go as planned and mutual funds did not agree to the valuation that the company was seeking, cloud kitchen platform Curefoods has put is initial public offering (IPO) plans on hold, as per a media report.
The report added that the company was looking to raise Rs 800 crore through the public issue at a valuation of about Rs 4,000 crore. The company had received approval from the Securities and Exchange Board of India (Sebi) earlier.
Last year, the company filed its draft red herring prospectus (DRHP) to raise money in primary capital, along with an offer-for-sale (OFS). The OFS was backed by investors like Accel, Chiratae Ventures, Iron Pillar and Curefit Healthcare, among others.
The company was looking to utilise the proceeds to expand its presence across cloud kitchens, restaurants, kiosks and central kitchens. Rs 152 crore from the issue was expected to be used for expansion, the report added.
The company has joined the list of new-age companies deferring their listing plans after preparing for the public markets. Earlier, PhonePe also postponed its USD 1.3 billion IPO. Walmart-owned Flipkart also paused its IPO discussions on rising volatility and concerns around investor appetite for companies which were loss-making, the report noted.
The company reported an operating revenue of Rs 746 crore in the financial year 2025, marking a year-on-year growth of 27 per cent. The report noted that the loss also narrowed marginally to Rs 170 crore from Rs 172 crore.
