Curefoods
Key Highlights:
  • Curefoods: A Cloud kitchen startup has raised $50 Mn.
  • With this funding, the startup plans to expand its existing brands into new places across the country and for acquiring new brands.
  • Curefoods recorded operating revenue of INR 1.96 Cr.

Curefoods: a Cloud kitchen startup has raised $50 Mn in a Series C funding. The round saw participation from new and existing investors.

Curefoods was founded by Ankit Nagori, co-founder of fitness startup Cure. fit, Curefoods spun off from EatFit in 2020. Currently, it runs over 150 cloud kitchens in India and operates brands like EatFit, Yumlane, Aligarh House Biryani, Cakezone, MasalaBox, Great Indian Khichdi, Canteen Central, and Ammis Biryani.

With this funding, the startup plans to expand its existing brands into new places across the country and for acquiring new brands. Several food brands have been acquired by the startup.

The startup plans to acquire 35 brands by the end of 2022. This year in January the company acquired five D2C food brands.

Although Curefoods did not disclose the new investors’ names that participated in its Series C round and not even the places it wants to expand. According to the report, the latest funding round led was by venture capital firm Crimson Winter.

Series A and Series B rounds of Curefoods’ financing brought in more than $80 million in equity and venture debt. It secured $62 Mn in venture capital funding in January from Iron Pillar, Chiratae Ventures, Accel Partners, and Sixteenth Street Capital.

Last year, curefood raised $13 Mn in a Series A round led by Iron Pillar. This year, even the startup raised an undisclosed investment from Bollywood actor Varun Dhawan.

Earlier this year the startup made an exclusive franchise agreement with US-based pizza franchise Sbarro for South India. Currently, curefoods plans to open 50 Sbarro outlets in the coming three years.

Competitions:

The unicorn food tech Curefoods competes with Rebel Foods. It operates over 450 kitchens across more than 60 cities in 10 countries. There are eight brands under Rebel Foods’ umbrella. They include Faasos, Ovenstory Pizza, Behrouz Biryani, Mandarin Oak, The Good Bowl, SLAY Coffee and Sweet Truth.

As per a data source from Tofler, during FY21, Curefoods recorded operating revenue of INR 1.96 Cr. While it had a loss after tax of 1.33 Cr.

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