Led by Binny Bansal’s fund Three State Ventures, Cloud kitchen brand Curefoods has raised Rs 300 crore ($36.5 million) in an equity and debt round. The major chunk of Rs 240 crore has been invested by Three State Capital, rest of it came from IronPillar, Chiratae, ASK Finance and Winter Capital.
Curefoods Raised Fund for Brand & Geographic Expansion
This raised fund shall be used by Curefoods to expand its geographical reach and diversify its brands into offline formats, from the current online-only cloud kitchen presence, the company said in a statement.
In January 2022, the firm had previously raised over $62 million from Iron Pillar, Chiratae, Sixteenth Street Capital, Accel, Binny Bansal, Alteria Capital, BlackSoil Capital, and others.
As of today, nearly $120 million has been raised. Founder of Curefoods, Ankit Nagori said that “Our investors understand our brand vision very well and are aligned to our long-term goal of creating multiple 500 crore brands”.
Curefoods was started in 2020 and it operates brands like EatFit, Yumlane, Aligarh House Biryani, Masalabox and CakeZone.
Serviced by a backend operation of over 7 food factories, and 150 multi-brand cloud kitchens, it has over 100 kitchens in over 200 locations across 15 cities.
This year the company plans to expand its operations in tier I and tier II cities.
Curefoods is locking horns with Coatue-backed Rebel Foods and Box8 as their direct competitors whereas its indirect competitors include independent brands such as Biryani Blues, Biryani by Kilo.
Company Financials & Targets
During FY22, Rs 89.1 crore in revenue from operations was recorded by Curefoods. As per the company’s regulatory filings, it spent almost 1.8X of its operating revenue and its losses stood at Rs 71.25 crore in the fiscal year.
For FY23, with an annual recurring revenue of Rs 550 crore, Curefoods claims that it grew over 300% year-on-year and claimed to cross 1.1 million orders per month in Dec 2022.
It aims to annual recurring revenue of Rs 550 crore by the end of fiscal year.
