Curefoods is a Bengaluru-based cloud kitchen brand that offers a wide range of food options to customers across India. The company has recently raised INR 300 crore in a funding round that included both primary and secondary equity and debt.
The round was led by Three State Capital, which is headed by Binny Bansal, who invested INR 240 crore. Other investors who participated in the funding round included IronPillar, Chiratae Ventures, ASK Finance, and Winter Capital.
The funds raised by Curefoods will be used to expand the company’s geographical reach and diversify its brands into offline formats. Currently, Curefoods operates online-only cloud kitchens, but the company aims to expand its presence into offline formats in the future.
Ankit Nagori, Founder of Curefoods, said,”I am very delighted to have the continued support of all our existing investors, who have a major role to play as we continue to grow and expand our brands and geographical presence. Our investors understand our brand vision very well and are aligned to our long-term goal of creating multiple 500 crore brands.”
He added, “This funding will allow us to reach new customers and markets while also targeting our offline model expansion. We are excited about the future of consumer brands and look forward to innovating and leading brands in this space for India, while delivering authentic and nutritious food to many Indians, according to the Indian taste palette.”
Curefoods has experienced impressive growth in recent years, with a year-on-year growth of over 300% in the last financial year. The company plans to expand its presence in Tier 1 and Tier 2 cities in the North and West of India, where it sees significant growth potential.
Curefoods’ success can be attributed to its popular brands, including Nomad Pizza and Sharief Bhai, which have seen over 50% Quarter-on-Quarter growth. The company’s backend operation includes over 7 food factories and 150+ multi-brand cloud kitchens, servicing more than 200 locations across 15 cities.
In December 2022, Curefoods reached a significant milestone of processing over 1.1 million orders per month, leading to an annual recurring revenue of INR 550 crore.
Previously, the company had raised over INR 800 crore in January 2022 from investors such as Iron Pillar, Chiratae Ventures, Sixteenth Street Capital, Accel Partners, Binny Bansal, Alteria Capital, BlackSoil Capital, Winter Capital, and Trifecta Capital.
Curefoods has set ambitious targets for the future, aiming to achieve an objective annual recurring revenue of INR 1000 crore by the end of 2023. The company also plans to open 50 more locations and handle 2 million orders per month during the same period.
