India, June 8 -- Cloud kitchen startup Curefoods has put its IPO plans on hold amid the ongoing turmoil in the Indian equities market and concerns over its potential valuation.

The Olio's Pizza owner had secured SEBI's nod to proceed with its public listing in October last year.

Citing sources, ET reported that mutual funds were not aligned with the Rs.4,000 Cr (about $419 Mn) valuation sought by Curefoods during its roadshows, especially due to the current market conditions.

As per its DRHP, the startup's IPO was to comprise a fresh issue of Rs.800 Cr and an offer for sale (OFS) of up to 4.85 Cr equity shares by early investors like Accel, Chiratae Ventures, Nordstar Partners, Iron Pillar, Alteria Capital, and Curefit Healthcare.

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