Bengaluru-based cloud kitchen operator Curefoods is doubling down on premium, Gen Z-led consumption trends and new categories even as it defers its IPO plans amid a volatile market and weak demand environment.
Founder and CEO Ankit Nagori said the company is focused on building a diversified portfolio of scalable brands rather than relying on a single flagship, with a target to triple revenue to about ₹3,000 crore over the next five years from an estimated ₹1,000 crore in FY26.
The company’s operating revenue rose 28 per cent to ₹746 crore in FY25 from ₹585 crore a year earlier, while losses remained largely unchanged at ₹170 crore.
“The IPO market is super choppy right now and we are not in a hurry to go public,” Nagori said, adding that both companies and investors are choosing to wait out current volatility.
Curefoods currently operates eight brands, including Kitchens of Eatfit, Sharief Bhai, Olio, CakeZone and Krispy Kreme. Eatfit and Sharief Bhai generate around ₹150–175 crore each in annual revenue, while others are in the ₹80–90 crore range.
Rather than concentrating on a single brand, the company is scaling multiple verticals across cuisines and consumption occasions. “We think four or five brands will reach ₹300 crore… others will reach ₹200 crore,” Nagori said.
Premiumisation, Gen Z focus shapes growth
Curefoods’ strategy is increasingly anchored around premium offerings and younger consumers, reflecting evolving urban consumption patterns.
“We are looking at a lot more urban, Gen Z consumers… by default, they are more premium,” Nagori said.
This shift is driving demand for Western desserts, premium coffee and healthier menu innovations such as higher-protein pizzas. The company is also experimenting with formats influenced by global food trends, while keeping pricing accessible for value-conscious consumers.
However, the broader food services market remains under pressure due to inflation, rising delivery costs and subdued discretionary spending. Industry players have also had to contend with higher input costs and platform commissions, impacting margins.
Nagori said these pressures are likely to persist in the near term but expects a gradual recovery. “Things can only get better from here… maybe it takes another 6–12 months,” he said.
At the same time, stress in the ecosystem is accelerating consolidation, with smaller eateries and single-brand cloud kitchens finding it difficult to survive. This is creating opportunities for scaled, multi-brand operators to capture incremental demand.
New categories, offline push drive expansion
To power its next phase of growth, Curefoods is expanding into new categories while scaling its offline footprint.
One such bet is PHAT, its burger-and-fried-chicken brand, which has reached about ₹1 crore in monthly revenue within three months of launch. Currently present in around 30 kitchens, the brand is expected to scale significantly as it expands across the company’s network of roughly 300 cloud kitchens.
The company is also doubling down on desserts, a category it sees as well-suited for both cloud kitchens and physical retail formats. Krispy Kreme, which Curefoods acquired last year, has emerged as one of its fastest-growing brands.
The doughnut chain operates on a centralised production model, allowing outlets to function as pickup and dispatch points—making it efficient to scale across high-footfall locations such as airports, malls and office parks.
Curefoods plans to expand Krispy Kreme to 250 outlets over the next two to three years, alongside growing other formats such as Frozen Bottle and Sharief Bhai. It is also preparing to launch a dedicated waffle brand as it looks to tap into emerging dessert segments.
The company expects its long-term business mix to stabilise at around 60:40 between online and offline channels, with physical stores playing a larger role in driving impulse consumption.
As it builds out new categories and scales existing brands, Curefoods is positioning itself to benefit from an eventual demand recovery while keeping its capital strategy flexible in a challenging macro environment.