The race for initial public offering in the country is continuously increasing, and now the new name is going to join the curefoods in this episode. It is preparing to bring his IPO soon, the food and beverage startup, former senior executive of Flipkart Ankit Nagori.
Qorfoods has started interaction with investment banks and legal firms for its IPO. Moneycontrol According to the report, the startup has recently met a group of investment bankers and lawyers, and the next few weeks can be finalized to advisors.
Target to raise $ 30-40 million
The Curefoods have the money of investors such as the major venture capital firm Accel, Iron Pillar, Chirate Ventures, Sixtanth Street Capital, Three State Ventures, and Nordstar.
The startup has targeted to raise $ 30-40 million (about Rs 2,500-3,300 crore) via IPO. This issue can come in six months after FY 2025-26. However, the size of the IPO is not yet finalized.
Business model of Corfoods: 500+ Cloud Kitchen and Growing Portfolio
Qorfoods has a strong appearance in the Food-Tech sector of India. The current portfolio of the startup includes popular brands such as Eatfit, Cakezone, Nomad Pizza and Sharif Bhai Biryani.
It is now expanding its business by adding Frozen Bottle and other brands. Curfuds currently:
- There are over 500 cloud kitchens and offline stores.
- It serves more than 10 types of cuisine in 40 cities of India.
The expansion of the startup does not stop here. On 31 December, Qorfoods signed an agreement with the Landmark Group to buy the Operations of Krispy Kreme, popular Donut brand in South and West India. This deal is a big step for startup, which will make it stronger in the field of premium food brands.
Financial performance: Indication of increasing revenue and deficit reduction
The financial performance of Qorfoods shows its expansion and result of strategic investments. According to the filing deposited to the Registrar of Companies (ROC):
- In FY 2024, the consolidated revenue of the startup reached Rs 585 crore.
- This is 53% higher than Revenue of FY 2023.
- The deficit has also come down to Rs 172.6 crore, which was Rs 342.7 crore in the last financial year.
This improvement is an indication that the startup is not only increasing its business, but is also working towards controlling the deficit.
What does Qorfudes want to achieve through IPO?
The IPO of Qorfoods is not only an attempt to raise capital, but its purpose:
- Business is to expand, especially by adding new brands.
- Increasing financial stability and reducing operation costs.
- To further strengthen your grip in India’s food-tech sector.
Why is Corfoods in discussion?
The growth of Qorfoods in the food-tech industry is changing it as a player established with a startup. The strength of the growing brands and cloud kitchen in its portfolio makes it attractive to both investors and consumers.
Improvements in the direction of reducing the large deal and deficit of the CRORFILS crispy cream make it a potentially strong IPO candidate.
