India-based cloud kitchen operator Curefoods has postponed its initial public offering (IPO) plans, a few months after securing regulatory approval. The Economic Times reports that market volatility and investor concerns regarding the valuation of unprofitable startups have diminished enthusiasm for the offering.
The company, founded by former Flipkart executive Ankit Nagori, had aimed to raise INR 8 billion (approximately $93 million) through its public offering, with a projected valuation of around INR 40 billion. However, according to sources familiar with the matter, the roadshow did not secure the desired support from mutual funds and other institutional investors at the anticipated valuation.
The publication indicates that Curefoods intends to revisit its listing plans next year, contingent upon an improved market environment.
This decision mirrors similar postponements by other Indian tech companies, including PhonePe and Flipkart, amidst increased scrutiny of loss-making internet businesses.
Curefoods operates a portfolio of brands such as EatFit, Krispy Kreme, CakeZone, and Sharief Bhai Biryani.
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