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Cloud Kitchen Brand Curefoods Raises Rs 300 Crore

Curefoods is planning to utilise the prospects from this fundraising round to strengthen its footprints across multiple geographies

Cloud Kitchen Brand Curefoods Raises Rs 300 Crore
POSTED ON April 06, 2023 1:06 PM

Bengaluru-based Curefoods, a cloud kitchen operator in India, raised Rs 300 crore in a funding round. The money came through a mixture of equity and debt.

The investment round was led by Binny Bansal’s Three State Capital Fund with an investment of Rs  240 crore. IronPillar, Chiratae Ventures, ASK Finance and Winter Capital also participated in the fundraising round. 

Curefoods is planning to utilise the prospects from this fundraising round to strengthen its footprints across multiple geographies. Additionally, it wants to foray into the offline market from its online-only cloud kitchen model. It also eyes to expand its services in Tier 1 and Tier 2 cities in the North and Western Parts of India. 

Prior to this, it raised more than Rs 800 crore in 2022 from Iron Pillar, Chiratae Ventures, Sixteenth Street Capital, Accel Partners, Binny Bansal, Alteria Capital, BlackSoil Capital, Winter Capital and Trifecta Capital in January 2022.

Addressing the latest development, Ankit Nagori, the 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 with 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," he also added. 

According to a company statement, Curefood achieved a 300 per cent year-on-year (Y-o-Y) growth in the financial year (FY) 2022-23. In December 2022, it recorded 1.1 million orders per month, resulting in an annual recurring revenue of Rs 550 crore.

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