Curefoods, a cloud kitchen operator has raised ₹300 crore in equity and debt as it closed its funding round led by Binny Bansal’s fund Three State Capital with an investment of ₹240 crore. 

Other participant companies included IronPillar, Chiratae Ventures, ASK Finance, and Winter Capital. Curefoods aims to use this fundraise to expand its geographical reach and diversify its brands into offline formats, from the current online-only cloud kitchen presence.

In FY 2022-23, Curefoods said it grew over 300 per cent year-on-year. This year, Curefoods aims to expand in tier 1 and tier 2 cities in the north and west of India. The company continues to focus on profitability and achieve significant growth and presence around India in the coming years, it said. 

Curefoods is currently in over 200 locations in 15 cities serviced by a backend operation of over seven food factories, and over 150 multi-brand cloud kitchens.

Expansion objectives

Ankit Nagori, Founder of Curefoods said, “This funding will allow us to reach new customers and markets while also targeting our offline model expansion. We are excited about the future of consumer brands and look forward to innovating and leading brands in this space for India, while delivering authentic and nutritious food to many Indians, according to the Indian taste palette.”

Previously, before the current funding round, Curefoods had raised over ₹800 crores in 2022 from Iron Pillar, Chiratae Ventures, Sixteenth Street Capital, Accel Partners, Binny Bansal, Alteria Capital, BlackSoil Capital, Winter Capital and Trifecta Capital in January 2022.

Looking forward, Curefoods has set an objective ARR of ₹1000 crores by the end of 2023. In the same period, the company also plans to open 50 more locations with an aim of managing two million orders a month.

Related Topics
comment COMMENT NOW