Curefoods, a cloud kitchen startup, has raised Rs 300 crore ($36 million) in a funding round led by Binny Bansal, the co-founder of Flipkart. ASK Finance, Winter Capital, IronPillar, and Chiratae Ventures also participated in the round.
Three State Capital contributes Rs 240 crore (~$29 million) to the fundraising effort, which is made up of a mix of primary, secondary equity, and debt.
From Iron Pillar, Chiratae Ventures, Seventeenth Street Capital, Accel Partners, Binny Bansal, Alteria Capital, BlackSoil Capital, Winter Capital, and Trifecta Capital, Curefoods raised around Rs 800 crore ($97 million) last year. It has so far began receiving funds totaling more than Rs 950 crore ($115 million).
The Ankit Nagori-led company plans to expand its presence in Tier I and II cities in the northern and western regions of India by using the fresh capital to diversify its brands into offline formats.
“This funding will allow us to reach new customers and markets while also targeting our offline model expansion,” said Ankit Nagori, Founder of Curefoods.
Curefoods was founded in 2020, runs a house of brands that includes EatFit, CakeZone, Nomad Pizza, and Frozen Bottle. The cloud kitchen operator manages over 150 kitchens in 15 Indian cities, serving more than 10 different cuisines.
In FY22, the company’s first year of operations, it reported revenue of Rs 88.4 crore and total expenses of Rs 165 crore. According to the company, its business grew 300% year-on-year in FY23.
The company said in a statement that as of December of last year, Curefoods had reached 1.1 million monthly orders and generated Rs 550 crore in annual recurring revenue.
