Cloud kitchen startup Curefoods has secured an additional INR 80 crore (around $9.6 million) in debt financing from Binny Bansal and Jitender Kumar Bansal, as reported by Entrackr. This͏͏ marks͏͏ the͏͏ second͏͏ fundraising͏͏ round͏͏ for͏͏ the͏͏ Bengaluru-based͏͏ company͏͏ within͏͏ the͏͏ last͏͏ six͏͏ months.
The͏͏ ROC͏͏ filings͏͏ indicate͏͏ that͏͏ the͏͏ company͏͏ raised͏͏ INR͏͏ 80͏͏ crore͏͏ from͏͏ Binny͏͏ Bansal͏͏ and͏͏ Jitender͏͏ Kumar͏͏ Bansal͏͏ through͏͏ an͏͏ unsecured͏͏ member͏͏ deposit,͏͏ as͏͏ outlined͏͏ in͏͏ the͏͏ loan͏͏ agreement͏͏ between͏͏ the͏͏ company͏͏ and͏͏ the͏͏ two͏͏ investors.
Continue͏͏ Exploring:͏͏ Curefoods secures͏͏ additional͏͏ INR͏͏ 200͏͏ Crore͏͏ investment͏͏ from͏͏ Binny͏͏ Bansal’s͏͏ Three͏͏ State͏͏ Ventures,͏͏ round͏͏ size͏͏ hits͏͏ INR͏͏ 500͏͏ Crore
Recent͏͏ Series͏͏ D͏͏ Funding:
In͏͏ March,͏͏ Curefoods͏͏ secured͏͏ $25͏͏ million͏͏ in͏͏ Series͏͏ D͏͏ funding͏͏ from͏͏ Three͏͏ State͏͏ Ventures,͏͏ a͏͏ fund͏͏ established͏͏ by͏͏ a͏͏ Flipkart͏͏ co-founder.͏͏ According͏͏ to͏͏ startup͏͏ intelligence͏͏ platform͏͏ TheKredible,͏͏ the͏͏ company͏͏ has͏͏ raised͏͏ over͏͏ $200͏͏ million͏͏ to͏͏ date.
Curefoods͏͏ is͏͏ reportedly͏͏ in͏͏ talks͏͏ to͏͏ raise͏͏ $40͏͏ million͏͏ as͏͏ part͏͏ of͏͏ its͏͏ Series͏͏ D͏͏ round,͏͏ through͏͏ a͏͏ mix͏͏ of͏͏ primary͏͏ and͏͏ secondary͏͏ transactions,͏͏ according͏͏ to͏͏ a͏͏ Moneycontrol͏͏ report.͏͏ The͏͏ company’s͏͏ valuation͏͏ could͏͏ potentially͏͏ hit͏͏ the͏͏ $500͏͏ million͏͏ mark.
Rapid͏͏ Expansion͏͏ Since͏͏ 2020:
Founded͏͏ in͏͏ 2020,͏͏ Curefoods͏͏ manages͏͏ brands͏͏ such͏͏ as͏͏ EatFit,͏͏ Yumlane,͏͏ Aligarh͏͏ House͏͏ Biryani,͏͏ Masalabox,͏͏ and͏͏ CakeZone.͏͏ The͏͏ company͏͏ operates͏͏ more͏͏ than͏͏ 100͏͏ kitchens͏͏ across͏͏ over͏͏ 200͏͏ locations͏͏ in͏͏ 15͏͏ cities,͏͏ supported͏͏ by͏͏ a͏͏ backend͏͏ infrastructure͏͏ that͏͏ includes͏͏ over͏͏ 7͏͏ food͏͏ factories͏͏ and͏͏ 150͏͏ multi-brand͏͏ cloud͏͏ kitchens.
Continue͏͏ Exploring:͏͏ Curefoods’͏͏ Olio͏͏ Pizza͏͏ plans͏͏ major͏͏ expansion͏͏ with͏͏ 500͏͏ outlets,͏͏ targets͏͏ INR͏͏ 500͏͏ Cr͏͏ turnover͏͏ by͏͏ 2026
Strategic͏͏ Acquisitions͏͏ and͏͏ Investments:
In͏͏ addition͏͏ to͏͏ consecutive͏͏ fundraising͏͏ efforts,͏͏ the͏͏ company͏͏ acquired͏͏ two͏͏ brands—YumLane͏͏ Pizza͏͏ and͏͏ Millet͏͏ Express—in͏͏ 2023.͏͏ In͏͏ December,͏͏ it͏͏ also͏͏ invested͏͏ INR͏͏ 10͏͏ crore͏͏ ($1.2͏͏ million)͏͏ in͏͏ Hogr,͏͏ a͏͏ social͏͏ platform͏͏ designed͏͏ for͏͏ restaurant͏͏ and͏͏ food͏͏ discovery.
Continue͏͏ Exploring:͏͏ Bengaluru-based͏͏ Curefoods invests͏͏ $1.2M͏͏ in͏͏ food͏͏ discovery͏͏ platform͏͏ Hogr
Curefoods͏͏ has͏͏ established͏͏ itself͏͏ as͏͏ the͏͏ second-largest͏͏ player͏͏ in͏͏ the͏͏ cloud͏͏ kitchen͏͏ industry,͏͏ following͏͏ Rebel͏͏ Foods.͏͏ Curefoods͏͏ reported͏͏ revenue͏͏ of͏͏ INR͏͏ 384͏͏ crore͏͏ in͏͏ FY23,͏͏ while͏͏ its͏͏ FY24͏͏ figures͏͏ are͏͏ yet͏͏ to͏͏ be͏͏ released.͏͏ Rebel͏͏ Foods͏͏ recorded͏͏ an͏͏ operating͏͏ revenue͏͏ of͏͏ INR͏͏ 1,420͏͏ crore͏͏ in͏͏ FY24.͏͏ Other͏͏ notable͏͏ companies͏͏ in͏͏ the͏͏ sector,͏͏ including͏͏ EatClub͏͏ and͏͏ Biryani͏͏ By͏͏ Kilo,͏͏ also͏͏ achieved͏͏ revenues͏͏ of͏͏ more͏͏ than͏͏ INR͏͏ 300͏͏ crore͏͏ in͏͏ FY23.
