Curefoods, a startup specializing in cloud kitchens, has recently announced a strategic investment in Millet Express, a millet-focused startup based in Hyderabad.
Established in 2020, Millet Express specializes in providing a diverse range of South Indian cuisine that is centered around millets. They proudly offer a wide selection of dishes that incorporate all seven types of millet, including breakfast options and delectable rice bowls. Additionally, catering to those who crave North Indian flavors, this innovative startup has curated a delectable menu featuring parathas, kichidis, and rotis.
With its headquarters in Hyderabad, the startup is strategically utilizing the investment to fuel its expansion plans, aiming to extend the brand’s reach to a broader consumer base seeking millet-based products. Millet Express is also determined to capitalize on the partnership with Curefoods, leveraging their expertise to optimize operations and amplify their market presence.
By securing the investment, the cloud kitchen startup is gearing up to broaden the range of Millet Express offerings, both in the online and offline domains. In a press statement, Curefoods expressed that this collaboration between their brand and Millet Express enables them to leverage their individual strengths, fostering a mutually advantageous partnership. This strategic alliance positions both brands to capitalize on their unique capabilities and further enhance their market presence.
Gokul Kandhi, CEO of Curefoods, added, “The United Nations General Assembly has declared 2023 as the International Year of Millets (IYM2023) and this sector is expected to gain significant traction and support that will further enhance the growth potential of Millet Express.”
Curefoods, founded in 2020 by Ankit Nagori, has made significant strides in the food industry. With a vision to revolutionize the culinary landscape, the company boasts an impressive operation comprising more than seven food factories and over 150 multi-brand cloud kitchens. These state-of-the-art facilities allow Curefoods to efficiently serve over 200 locations across 15 cities. Within its diverse portfolio, Curefoods proudly houses renowned brands such as CakeZone, Nomad Pizza, Frozen Bottle, and Sharief Bhai Biryani, among others.
The investment in Millet Express comes as a subsequent development two months after Curefoods successfully raised INR 300 Cr (equivalent to approximately $37 Mn) in a funding round. Led by Binny Bansal’s renowned fund, Three State Ventures, the fundraising effort witnessed Three State Ventures contributing INR 240 Cr. This funding round encompassed a diverse blend of primary equity, secondary equity, and debt.
Read More: Curefoods secures INR 300 crore funding led by Three State Capital, aims to expand offline footprint
The startup announced that it would utilize the funding to broaden its geographic presence and introduce offline formats for its brands, thereby diversifying from its existing cloud kitchen business model.
Prior to the investment in Millet Express, the cloud kitchen startup acquired a controlling interest in the milkshake brand Frozen Bottle in March 2022. Furthermore, in January 2021, the startup acquired five distinct F&B brands, and in October 2021, it expanded its portfolio with the acquisition of an additional seven cloud kitchen brands.
Within the cloud kitchen industry, Curefoods faces competition from Rebel Foods, a unicorn company that boasts a nationwide presence with over 450 cloud kitchens.
