Binny Bansal‘s venture fund, Three State Ventures, has injected an extra INR 200 crores into Curefoods, a cloud kitchen startup backed by Accel. This additional investment brings the total funds raised to INR 500 crores, valuing the company at approximately INR 3,000 crores ($375 million) post-money.
The funding will be allocated towards scaling up its offline operations, particularly focusing on well-known brands such as Nomad Pizza and Sharief Bhai Biryani. Curefoods, which encompasses brands like Frozen Bottle, EatFit, and CakeZone, will also benefit from this investment.
Bansal’s decision to increase his investment underscores the strong demand that consumer internet brands are experiencing in an otherwise subdued funding scene.
Binny Bansal’s additional investment is part of the firm’s ongoing funding round initiated in April 2023, during which it secured INR 300 crore (approximately $37 million) from Three State Ventures, IronPillar, and other investors.
Continue Exploring: Curefoods secures INR 300 crore funding led by Three State Capital, aims to expand offline footprint
Curefoods stated on April 6, 2023, that the funding comprised both primary and secondary equity and debt, with Three State Ventures taking the lead in the round by contributing INR 240 crore.
Neither Curefoods nor Three State Ventures provided any comments on the recent developments.
Established in 2016 by Ankit Nagori, a former Flipkart executive, the Bengaluru-based startup competes with firms like Rebel Foods, Biryani by Kilo, and EatClub (formerly Box8), which are leading the way in this industry and are building a house of food brands.
These cloud kitchens acquire food brands and assist in their expansion by leveraging technology, digital marketing, and sales strategies to accelerate growth.
Continue Exploring: Flipkart Co-Founder Binny Bansal may invest $25-30 million more in Ankit Nagori’s Curefoods
Curefoods concluded its Series C funding round, securing $50 million from a combination of both new and existing investors, spearheaded by Winter Capital. By early 2022, the startup had achieved a valuation of approximately $250 million.
The company has been pursuing inorganic growth through acquisitions as well. In 2023, it acquired the food discovery platform Hogr. Likewise, in October, Curefoods finalized the acquisition of foodtech company Yumlane along with its proprietary technology.
Continue Exploring: Bengaluru-based Curefoods invests $1.2M in food discovery platform Hogr
According to filings with the Registrar of Companies (RoC), Curefoods recorded a staggering 400% surge in its operating revenue to INR 382 crore for the fiscal year 2023. Nevertheless, the company incurred losses amounting to INR 342 crore during the same period.
Continue Exploring: Curefoods records fourfold increase in operating revenue, reaching INR 382 Crore in FY23, but faces widening losses
