Curefoods India Pvt Ltd, which was floated by Cure.fit Co-founder Ankit Nagori, on Thursday said it has raised Rs 300 crore (around $36.6 million) in a mix of equity and debt funding round led by Binny Bansal’s fund Three State Ventures, which infused Rs 240 crore into the cloud kitchen startup.
Bansal is an existing backer in the company. Other investors IronPillar, Chiratae Ventures, ASK Finance and Winter Capital also invested in the latest fundraise.
The fresh proceeds will be deployed by Curefoods to expand its geographical reach and diversify its brands into offline formats from the current online-only cloud kitchen 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,” said Ankit Nagori, founder of Curefoods.
Curefoods, which commenced operations in 2020, operates several brands like EatFit, Yumlane, Aligarh House Biryani, Masalabox and CakeZone. It currently operates over 150 multi-brand cloud kitchens and seven food factories to serve over 200 locations in 15 cities.
Prior to the current funding round, Curefoods raised over Rs 800 crores 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.
In the financial year 2022, which was Curefoods' first full year of operations, the company posted Rs 89.1 crore in revenue from operations while it made a loss of Rs 71.25 crore. It claims to have clocked over 300% year-on-year in the financial year 2022-23.
In December 2022, the company recorded a milestone of crossing 1.1 million orders per month, resulting in an annual recurring revenue (ARR) of Rs 550 crore, it said in a statement.
It is further targeting an ARR of Rs 1,000 crore by the end of 2023. In the same period, Curefoods also plans to open 50 more locations with an aim of managing 2 million orders a month.
