Cloud Kitchen Startup CureFoods raises $62 million
- ByTejika Bajaj | January 13, 2022
The cloud kitchen startup CureFoods has recently announced that it has raised $62 million in a funding round led by Iron Pillar, Chiratae Ventures, Sixteenth Street Capital, Accel Partners and the co-founder of Flipkart Binny Bansal.
With this round of funding the valuation of this startup goes up to about $280 million as per company sources. Furthermore it is speculated that the cloud kitchen aggregator intends to further raise another round of $50-75 million within a few months to bolster its brand portfolio.
The company officials have stated that the recent round of funding will be utilized by the brand to upscale and acquire more brands under its portfolio. Furthermore, the funds will be deployed by the aggregator to build its own discovery platform which the consumers can utilize to order food directly. The startup plans to have 25 food chains under its belt by the middle of the year and has pledged 30-50% of the funds towards acquisitions.
Talking about the cloud-kitchen industry and the strategy in hand for the cloud kitchen player, the founder of CureFoods, Ankit Nagori said, “If you look at how the brands or cuisines are consumed, there are no national brands in any category. Hence, we decided to go after midsize regional players and city leaders, scale them, and see whether they can go national or not. Food is very fragmented and we will try and scale most brands up to a regional level. For the national level, we will only pick a few brands. Right now, we are taking three brands national.”
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