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January 12
Curefoods, a cloud kitchen company, has raised $62 million from Iron Pillar, Chiratae Ventures, Sixteenth Street Capital, Accel Partners and Binny Bansal.
While $52 million of this round was raised in equity funding, $10 million was in debt financing from Alteria Capital, BlackSoil Capital and Trifecta Capital.
Curefoods will use this investment to acquire major cloud kitchen brands across the country. Additionally, the company expects to make further inroads by geographically expanding its multi-brand kitchens across the country and building a direct-to-consumer platform for all its brands.
At present, Curefoods own multiple brands and runs over 100 cloud kitchens nationwide.
Curefoods’ growth in the market has vastly outpaced industry norms, with revenue growing 50 per cent quarter-on-quarter over the last one year.
Investors’ take
Ankit Nagori, founder of Curefoods, said, “The online food delivery industry in India is going through a revolutionary phase; the market has shown huge prospects and attracted heavy investments in recent years. Over the next decade, there will be an opportunity to build multiple food brands across cuisines and geographies. With the fund infusion, we plan on expanding across geographies and meeting newer customer expectations.”
Sudhir Sethi, Founder and Chairman at Chiratae Ventures, said, “Chiratae is pleased to participate in this round backing Ankit and the Curefoods team. Curefoods is a tech-enabled rapidly growing food business characterised by innovation, agility, scale, technology, consumer service and acquisitions of leading brands. These brands include EatFit, CakeZone, Aligarh House and Junos among others. Ankit’s vision to take quality food to a billion Indians in due course excites us.”
Devavrat Jatia, Vice President at Iron Pillar, said, “We are excited to double down on our investment in Curefoods. There is a massive opportunity to build large national and regional food brands in India and the Curefoods team in a short span has demonstrated their capability to identify, acquire and scale these brands through their experience in technology-led distribution and brand building.”
Started in 2020, Curefoods is a cloud kitchens operator which operates brands like EatFit, Yumlane, Aligarh House Biryani, Masalabox and CakeZone. It has over 100 kitchens across 12 cities in India.
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