Bengaluru-based cloud kitchen startup Curefoods has successfully secured an additional funding of INR 200 Cr (approximately $25 Mn) from Three State Ventures, the investment fund of Flipkart co-founder Binny Bansal.
Moneycontrol reported that this latest infusion elevates Three State Ventures’ total investment in Curefoods to a staggering INR 500 Cr, valuing the startup at around INR 3,000 Cr post-money.
The funds injected by Binny Bansal’s venture will fuel Curefoods’ offline business expansion initiatives, particularly focusing on scaling up renowned brands like Nomad Pizza and Sharief Bhai Biryani.
In April 2023, Curefoods commenced its fundraising journey, raising INR 300 Cr in an ongoing round. During this round, Three State Ventures took the lead with a significant contribution of INR 240 Cr, indicating a continued confidence in the startup’s growth trajectory.
Ankit Nagori, the founder of Curefoods, expressed his enthusiasm about the recent funding, stating, “We are grateful for the continued support from Three State Ventures, which enables us to accelerate our vision of revolutionizing the food sector in India.”
Curefoods, established in 2020, hosts an array of popular brands such as EatFit, Cakezone, Nomad Pizza, Sharief Bhai Biryani, and Frozen Bottle. Presently, the startup operates over 200 cloud kitchens and offline stores spanning across 15 cities, offering a diverse range of cuisines.
The appointment of Avani Davda, former Tata Starbucks CEO, to Curefoods’ board in December 2023 further underlines the company’s commitment to strategic leadership and operational excellence.
On the acquisition front, Curefoods has been actively expanding its portfolio. In October 2023, it acquired foodtech startup Yumlane, augmenting its market presence and diversifying its offerings.
Furthermore, Curefoods made a strategic investment in Millet Express, a Hyderabad-based millet startup, in July, aligning with its mission to promote healthier food choices and cater to a broader audience.
Reflecting on the company’s growth trajectory, Ankit Nagori remarked, “Our strategic acquisitions and investments underscore our dedication to offering diverse culinary experiences while strengthening our position as a leader in the food sector.”
With a history of acquiring successful startups such as Masala Box, Paratha Box, CakeZone, Ammi’s Biryani, Olio, Crusto’s, and Chaat Street, Curefoods continues to chart an ambitious path, driven by innovation and customer-centricity in the competitive food industry landscape.
