Sunday, December 22, 2024
Home Blog Page 1218

Actress Nora Fatehi follows Varun Dhawan; Invests an undisclosed amount in Curefoods

By
SnackTeam
-
0

Bollywood actress Nora Fatehi has invested an undisclosed amount in cloud kitchen startup Curefoods and became the brand ambassador of Curefoods CakeZone.

With the brand’s support, Fatehi intends to take CakeZone to more cities, in line with its expansion plans to set up 125 stores by the end of 2022.

Founded in 2020 by Ankit Nagori, Curefoods includes various brands including EatFit, Sharief Bhai, Aligarh House Biryani and CakeZone. It operates more than 150 cloud kitchens across 15 cities in India and is looking to expand in India, especially the North Indian market.

Curefoods also recently partnered with Hrithik Roshan’s HRX. In June, Curefoods secured $50 million in its Series C funding round from a group of investors. While in Series A and Series B funding rounds, it has raised more than $80 million in equity and venture debt.

At the beginning of this year, it acquired five D2C food brands and also then announced that it will acquire a total of 35 brands by the end of the calendar year 2022.

In the cloud kitchen segment, it faces competition from Rebel Foods, which operates more than 450 cloud kitchens across the country. According to Tofler’s report, it reported revenue from operations of INR 1.96 crore, while its consolidated losses stood at INR 1.33 crore in FY21.

Nora Fatehi, Actor & Investor, said, “I strongly believe in the promise of CureFoods and am excited to invest in them and support CakeZone. Together we hope to create a lasting impression; both on human lives and taste.”

Ankit Nagori, Founder of Curefoods, said, “Having Nora as an investor in Curefoods is a close integration and connection with her. Her belief in our abilities encourages us to further expand to greater heights.”

This is the second time a Bollywood celebrity has endorsed Curefoods. Earlier, Bollywood actor Varun Dhawan made an undisclosed investment in the cloud kitchen aggregator and also became the brand ambassador of its spin-off company EatFit.

According to the report, India’s cloud kitchen market is projected to touch $2.5 billion by 2028, growing at a CAGR of 17.5% during 2024-2028.

Advertisement

Burger Singh raises INR 30 Cr Series A Funding; plans to open 120 new outlets

By
SnackTeam
-
0

The homegrown quick service restaurant(QSR) chain, Burger Singh, raised INR 30 in its Series A funding round led by Negen Capital along with Lets Ventures, Mumbai Angels, Old World Hospitality and musician Jasleen Royal. The SALGAOCAR family office also participated in the round.

Existing investors including RB Investments, Rukam Capital, KCT Family Office and V.M. Burger Singh plans to use the fresh capital to open 120 more food court outlets by the financial year 2023.

Burger Singh, founded in 2012 by Kabir Jeet Singh, is a domestic food chain. It operates an asset-based franchise model and in 2014 launched its first branch in Gurugram, Haryana. They are currently looking to expand their business as well as support their existing franchise owners. 

Currently, Burger Singh has more than 80 exclusive food outlets and 12 franchisees across India, including Delhi NCR, Lucknow, Jaipur, Dehradun, Jammu, Nagpur, Ahmedabad and more. The restaurant chain claims to have seen 223% growth in the past year (2020).

In 2019, the grocery chain secured money from a slew of investors including RB Investments, Ashish Dhavan and Sanjeev Bhikchandani of Info Edge, among others.

Earlier also in 2016, it raised $1 million from investors like Ashvin Chadda of Beer Café, Dheeraj Jain of Redcliffe Capital), and TV anchor Rannvijay Singh. In the QSR space, Burger Singh competes with Burger King, McDonald’s, Subway, Domino’s and KFC.

Kabir Jeet Singh, Founder of Burger Singh, said, “Our ideology has always been to ensure sustainable growth for our investors. Our compelling business model has weathered two unprecedented global events – the pandemic and inflation. In this round, existing and new investors have again endorsed our mantra.” 

Neil Bahal, founder and CEO of Negen Capital, said, “Kabir and his team have built Burger Singh with excellent unit-level economics that is at par, if not better, than some MNC burger chains.” 

Currently, QSR occupies an important role in the Indian food chain market. The QSR food market in the country pegged at INR 188 billion in FY2020, is likely to cross the INR 500 billion mark by 2025, according to a Statistical report.

Advertisement
1...1,2161,2171,218Page 1,218 of 1,218