Curefoods Raises Rs.300 Crore in Funding Round to Accelerate Growth
Curefoods, one of India’s leading cloud kitchen operators has announced the closure of a funding round where the company raised INR 300 crore. The round consisted of primary and secondary equity and debt and was led by Binny Bansal’s fund Three State Ventures with an investment of Rs. 240 crore along with other participant companies IronPillar, Chiratae Ventures, ASK Finance and Winter Capital.
Curefoods aims to use this fundraise to expand its geographical reach and diversify its brands into offline formats, from the current online-only cloud kitchen presence. This year, the company aims to expand in Tier 1 and Tier 2 cities in the North and West of India.
The company procliams that its strong focus on customer satisfaction and quality enabled it to emerge as a fast-growing digital-first F&B group in the country, with 200+ locations in 15 cities serviced by a backend operation of over 7 food factories, and 150+ multi-brand cloud kitchens.
The Company’s gourmet pizza brand Nomad Pizza and the biryani brand Sharief Bhai are the fastest-growing brands, growing at over 50 percent Quarter-on-Quarter. In December 2022, Curefoods recorded a milestone of crossing 1.1 million orders per month, resulting in annual recurring revenue of Rs. 550 crore.
Ankit Nagori, Founder of Curefoods says, "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. 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.”