Curefoods Pvt Ltd, a cloud kitchen startup floated by Cure.fit Co-founder Ankit Nagori, which houses brands like EatFit, CakeZone, and Aligarh House, has bought Accel-backed Maverix Platforms Pvt Ltd, which runs ready-to-cook food brand Fingerlix, for an undisclosed amount.
The acquisition of Maverix makes Curefoods the largest fresh food kitchen operator in India with the largest manufacturing capability in the fresh food space, the company said in a statement on Thursday.
Curefoods also becomes the second-largest cloud kitchen player in India in terms of market presence with Maverix’s 50 outlets across Delhi, Mumbai and Bengaluru, the company said. Sequoia Capital-backed Rebel Foods tops the chart with over 350 cloud kitchens across 45 cities. Maverix will help Curefoods in expanding market presence to 125 kitchens across 12 cities catering to over 10 cuisines, the company said. Curefoods will also assimilate Maverix’s brands that include Great Indian Khichdi, Canteen Central and Home Plate, it added.
“Together, we now have the largest manufacturing capability in the fresh food space. We are confident that our combined growth and stronger-than-ever platform will numerously benefit our consumers on their quest for the best food options in India,” said Ankit Nagori, Founder, Curefoods.
Curefoods reported a revenue of Rs 174.2 crore on a loss of Rs 252.6 crore in FY20, according to VCCEdge, the data intelligence platform of VCCircle.
The company has said it aims to build a house of food brands in India catering to various consumer demands across geographies. it currently has over 20 brands, and the company acquired five brands earlier this month.
Maverix’s acquisition will also help Curefoods make further forays with its multi-brand multi-kitchen business model, the company said.
Mumbai-based Maverix had raised Rs 20 crore as a part of its Series C funding round in February last year from investors including Swiggy, Accel, Rhodium Trust, Horizon Techno and Frigerio Conserva Allana. VCCircle had reported that Swiggy held a 25% stake then in the company post the fundraise. The company, which also owns ready-to-cook food brand Fingelix, was founded by Shrikrishna Bharambe, Shripad Nadkarni, Varun Khanna and Abhijit Berde in 2015.
Accel Partners is a common investor in both companies. Earlier in January, Curefoods, raised $62 million from existing investors Iron Pillar, Chiratae Ventures, Sixteenth Street Capital, Accel Partners and Binny Bansal. The company had said that it will be using the funds to acquire major cloud kitchen brands across the country, in a bid to geographically expand its multi-brand kitchens across the country, and to build a D2C (direct-to-consumer) platform for all its brands.