 "Curefoods raises Rs 300 cr in round led by Binny Bansal's investment fund")
Curefoods, a cloud kitchen company, last week closed a funding round that got Rs 300 crore for offline expansion and getting new customers.
The round consisted of primary and secondary equity and debt and was led by Flipkart co-founder Binny Bansal’s fund Three State Ventures, which made an investment of Rs 240 crore along with IronPillar, Chiratae Ventures, ASK Finance and Winter Capital.
Curefoods said it will use the funding to expand its reach and diversify its brands into offline format from the current online-only cloud kitchen presence. The company was founded by Ankit Nagori, a former Flipkart executive and co-founder of India's largest gym chain, Cult.fit
"Our investors understand our brand vision very well and are aligned to our long-term goal of creating multiple 500 crore brands. This funding will allow us to reach new customers and markets while also targeting our offline model expansion," said Nagori.
The company competes with players such as Rebel Foods, Biryani By Kilo, Box8, and FreshMenu.
Curefoods said in FY23 it grew more than 300 per cent year-on-year and in FY24 it plans expanding in Tier 1 and Tier 2 cities in North and West India. Curefoods does business in 15 cities and its locations are serviced by a backend operation of more than seven food factories and 150 multi-brand cloud kitchens.
The company said its gourmet brands Nomad Pizza and the Sharief Bhai biryani are the fastest growing in their segments. In December 2022, Curefoods recorded a milestone of crossing 1.1 million orders per month, resulting in an annual recurring revenue of Rs 550 crore.
Curefoods raised more than Rs 800 crore in January 2022 from Iron Pillar, Chiratae Ventures, Sixteenth Street Capital, Accel Partners, Binny Bansal, Alteria Capital, BlackSoil Capital, Winter Capital and Trifecta Capital. The company plans to open 50 more locations for managing 2 million orders monthly.