Curefoods and Milky Mist get SEBI nod for IPO

Cloud kitchen brand Curefoods and dairy company Milky Mist have received approval from the Securities and Exchange Board of India (SEBI, according to a notification published by the market regulator.

This development comes nearly four months after Curefoods filed its DRHP with the Securities and Exchange Board of India (SEBI). The IPO will include a fresh issue of equity shares worth Rs 800 crore and an offer for sale (OFS) of 4.85 crore shares.

Under the OFS, Iron Pillar will sell 1.9 crore shares, while Crimson Winter and Accel India plan to offload 97.6 lakh and 45.75 lakh shares, respectively. Chiratae Ventures and Global eCommerce will divest 64.5 lakh and 35.24 lakh shares through the public offering. 

Founder Ankit Nagori will not participate in the OFS.

As per the DRHP, the proceeds from the fresh issue will be used to expand cloud kitchens, repay debt, meet lease obligations, fund marketing initiatives, and support other general corporate purposes.

According to startup data intelligence platform TheKredible, the Bengaluru-based company has raised over $200 million through a mix of debt and equity, including Rs 160 crore ($18 million) secured last month via a pre-IPO placement from 3State Ventures, the investment arm of Flipkart co-founder Binny Bansal.

On the financial front, Curefoods reported 27.5% year-on-year growth in operating revenue to Rs 746 crore. However, its losses remained nearly flat at Rs 170 crore in FY25.

Milky Mist, which filed its DRHP in July, will be raising up to Rs 2,035 crore (around $239 million) through IPO, comprising a fresh issue of shares worth Rs 1,785 crore and an offer for sale of up to Rs 250 crore.

As part of the OFS, promoter Sathishkumar T will sell shares worth Rs 150 crore ($17.6 million), while Anitha S will offload shares valued at Rs 100 crore ($11.7 million).

Milky Mist’s revenue crossed Rs 2,349 crore in FY25 from Rs 1,822 crore in FY24 whereas its net profit also jumped to Rs 46 crore in FY25 from Rs 19.4 crore in FY24.